Director, Property Funds
View BioThe trust is a vehicle for investors who wish to gain exposure to prime UK commercial property. It is a constituent of the FTSE 250 Index and aims to provide shareholders with an attractive level of income together with the potential for capital and income growth from investing in a diversified UK commercial property portfolio. Dividends are paid monthly.
The Company’s investment objective is to provide ordinary shareholders with an attractive level of income together with the potential for capital and income growth from investing in a diversified UK commercial property portfolio.
The Company’s policy is to hold a diversified portfolio of freehold and long leasehold (over 60 years remaining at the time of acquisition) UK commercial properties. It invests principally in three commercial property sectors: office, retail and industrial. It also has an exposure to the alternative sector, including leisure, residential property and student housing.
The Company invests in properties which the Board, on the advice of the Managers, believes will generate a combination of long-term growth in income and capital for shareholders. Investment decisions are based on an analysis of, amongst other things, prospects for future income and capital growth, sector and geographic prospects, tenant covenant strength, lease length, and initial and equivalent yields.
Investment risks are spread by investing across different geographical areas and sectors and by letting properties to lower risk tenants. The Company has not set any maximum geographic exposures, but the maximum weightings in the principal property sectors at any time (states as a percentage of total assets) are: office: 50 per cent; retail: 65 per cent; and industrial: 40 per cent. No single property may exceed 15 per cent of total assets and the five largest properties (excluding indirect property funds) may not exceed 40 per cent of total assets (in each case at the time of acquisition). Short leasehold properties (with less than 60 years remaining) may not exceed 10 per cent of total assets at the time of acquisition.
The Company is permitted to invest up to 15 per cent, at the time of acquisition, of its total assets in indirect property funds (including listed property companies) which invest principally in UK property, but these investments may not exceed 20 per cent of total assets at any subsequent date. the Company is permitted to invest cash, held by it for working capital purposes and awaiting investment, in cash deposits, gilts and money market funds.
The Company uses gearing throughout the Group to enhance returns over the long-term which are subject to covenant tests set, all of which are comfortably met. Gearing, represented by borrowings as a percentage of total assets, may not exceed 50 per cent. However, the Board’s present intention is that borrowings of the Group will be limited to a maximum of 35 per cent of total assets at the time of borrowing.
The value of your investments and any income from them can go down as well as up and you may not get back the original amount invested. The value of property reflects the opinion of valuers and is reviewed periodically. These assets can also be illiquid and significant or persistent redemptions may require the manager to sell properties at a lower market value adversely affecting the value of your investment. A fund investing in a specific country carries a greater risk than a fund diversified across a range of countries. Gearing is used for investment purposes to obtain, increase or reduce exposure to an asset, index or investment. The use of gearing can enhance returns to investors in a rising market, but if the market falls the losses may be greater.
Investment manager |
BMO Investment Business Limited |
Launch date |
2005 |
Total assets |
£1,378.8 million (as at 30.09.19) |
Currency |
Sterling |
ISIN |
GG00B4ZPCJ00 |
SEDOL |
B4ZPCJ0 |
Ticker symbol |
BCPT |
Annual general meeting |
May |
Year end |
31 December |
Dividend payment date(s) |
Monthly |
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As with all investments, you need to be comfortable that you may not get back the original amount invested.
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