BMO Real Estate Investments Limited

Peter Lowe

Director, Fund Manager

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The trust aims to deliver an attractive level of income together with the potential for income and capital growth from investment in a diversified UK commercial property portfolio. It offers investors prime exposure to commercial property assets.


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.

Investment Policy and Management of Assets

The Company holds a diversified portfolio of freehold and predominantly 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.

The Company invests in income producing investments. Investment decisions are based on 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 and the potential for development or redevelopment of the property. The Company will not invest in other investment companies or funds.

Investment risks are spread through investing in a range of sectors across the UK, and through letting properties, where possible, to low risk tenants. The Company has not set any maximum geographic exposures, but the maximum weightings in the principal property sectors (stated as a percentage of total assets) are: office: 60 per cent; retail: 60 per cent; and industrial: 50 per cent. No single property may exceed 15 per cent of total assets and the five largest properties may not exceed 45 per cent of total assets.

Income receivable from any one tenant, or tenants within the same group, in any one financial year shall not exceed 20 per cent of the total rental income of the Group in that financial year. At least 90 per cent by value of properties held shall be in the form of freehold, feuhold or long leasehold (over 60 years remaining at the time of acquisition) properties or the equivalent.

The Company uses gearing to enhance returns over the long term. Gearing, represented by borrowings as a percentage of total assets, should not exceed 60 per cent. However, it is the Board’s present intention that borrowings will be limited to a maximum of 45 per cent of total assets at the time of borrowing. The Board receives recommendations on gearing levels from the Managers and is responsible for setting the gearing range within which the Managers may operate.

The Company’s borrowing are represented by a £90 million term loan with Canada Life which expires in November 2026 and a £20 million revolving credit facility with Barclays which is available until March 2025.

At each Board meeting, the Board receives a detailed presentation from the Managers together with a comprehensive analysis of the performance of the Company, and compliance with investment restrictions during the reporting period.

Investment Risks

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. Investments which are concentrated in a specific sector or country may result in less diversification and hence more volatility in investment values. 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.

Fund Facts and Key Dates

Fund Facts

Investment manager

BMO Investment Business Limited

Launch date

1 June 2004

Total assets

£338.00 million (as at 31.03.21)







Ticker symbol


Key Dates

Annual general meeting


Year end

30 June

Dividend payment date(s)

March, June, September and December

Sustainability and ESG

Environmental, Social and Governance (“ESG”) issues are the three central factors in measuring sustainability and can present both opportunities and threats to the long-term investment performance the Company aims to deliver to Shareholders. The Board is therefore committed to taking a responsible approach to ESG matters. There are two strands to this approach. The Company’s own responsibilities on matters such as governance and the impact it has through the investments that are made on its behalf by its Manager.

Find out more about our approach to sustainability and ESG issues here

The Board

Vikram Lall

Vikram was appointed as a Director in April 2013. He is a qualified chartered accountant and was, until 2003, an executive director of Brewin Dolphin Holdings plc with responsibility for corporate finance. Prior to joining Brewin Dolphin, he worked as a corporate financier for many years. He is a director of a number of private limited companies.

Alexa Henderson

Chairman of the Audit Committee
Alexa was appointed as a Director in December 2015. Alexa is a member of the Institute of Chartered Accountants of Scotland and was previously a Director of the WM Company. She is a non-executive Director and chair of the audit committee of Dunedin Smaller Companies Investment Trust plc and Adam and Company. She is also a non-executive director of James Walker (Leith) Limited, Bravura Solutions Limited and JPMorgan Japan Smaller Companies Trust plc.

David Ross

David was appointed as a Director in March 2015. He was a founding partner of Aberforth Partners LLP, an investment management firm specialising in investing in UK smaller companies, from which he recently retired. He is also a non-executive director of EP Global Opportunities Trust plc and JP Morgan US Smaller Companies Investment Trust plc.

Andrew Gulliford

Andrew was appointed as a Director in May 2004. He is a chartered surveyor and was, until 1 January 2006, deputy senior partner of Cushman & Wakefield Healey & Baker. He joined one of its predecessor firms in 1972 and was head of the firm’s investment group for twelve years until the end of 2002. He advises a number of institutions on property matters.

Mark Carpenter

Mark was appointed as a Director in May 2015. He is a chartered surveyor and is Director of Investment at TH Real Estate, a global real estate asset management company. He is also a non-executive director of other TH Real Estate property funds invested in the UK and overseas.

How to invest

Invest with BMO

BMO offer a range of cost-effective savings plans designed to make it easy for you to invest in our range of funds.

Starting from £25 per month or a lump sum of £100, with the flexibility to start and stop contributions whenever you want.

There are no dealing charges on investments made online or through a monthly direct debit.

Invest with a broker

You can invest through your usual financial adviser, or through a wide range of companies.


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