WELPUT completes a record £100 million of secondary market trades
Schroders announces that over £100 million of transactions in units of the West End of London Property Unit Trust (“WELPUT”/ the “Fund”) were completed through the secondary market during 2013.
Schroders announces that over £100 million of transactions in units of the West End of London Property Unit Trust (“WELPUT”/ the “Fund”) were completed through the secondary market during 2013. This record annual volume of trades reflects strong demand for central London offices and for the top-performing fund in the AREF/IPD Pooled Property Funds Index over 1, 3 and 5 years to 31 December 2013.
The high level of liquidity is mirrored across Schroders’ range of UK pooled property funds, with over £400 million of secondary trades completed last year. Schroders actively encourages trading in its property funds as an additional benefit to investors, and the prospects are for demand to continue alongside strong performance.
In the 12 months to 31 December 2013 WELPUT’s net asset value per unit has risen from £496 to £617, delivering a trust return of 27.2%, this compares to the IPD Benchmark of 18.3%. The property portfolio and Fund returns have outperformed the IPD West End and Mid-Town Quarterly benchmark over the past year and three years to the end of December 2013.
More recently, WELPUT has successfully exchanged unconditional contracts to sell its freehold interest in New Court, Carey Street to Lodha Group and secured a new financial services tenant at Orion House, its 15 floor multi-let office tower on Upper St. Martin’s Lane in Covent Garden at a record rent for Covent Garden of circa £80 per sq ft.
The Fund, which is an unregulated collective investment scheme available to professional and sophisticated investors, is held by over 80 investors comprising occupational pension funds, local authority pension funds, charities and other domestic and international professional investors.
Ian Mason, Fund Advisor to WELPUT, at Schroders, said:
“WELPUT is the beneficiary of the growing appetite we are seeing from UK and international investors who are looking for access to the Central London office investment market but are constrained by lot size or are unable to access high quality stock in this extremely competitive market.”
For further information, please contact:
Estelle Bibby, Schroders
+44 (0)20 7658 3431 / firstname.lastname@example.org
Notes to editors:
For trade press only. To view the latest press releases from Schroders go to: http://ir.schroders.com/media WELPUT West End of London Property Unit Trust (WELPUT) was established in 2001 as a closed ended property unit trust under the laws of Jersey. The aim of WELPUT is to provide investors with an exposure to the West End office market. The objective is to outperform the market as measured by Investment Property Databank (IPD).
The primary investment focus is office properties in the West End of London. Due to the nature of properties within the West End there will be elements of other uses such as retail and residential. The intention is to focus the portfolio on large multi-let buildings. WELPUT is reserved for experienced investors who must be aware of the risks attaching to the investment.
The manager of WELPUT is Schroder Property Managers (Jersey) Limited, one of the largest managers of Jersey Property Unit Trusts, covering various sectors of the UK market.
Grafton Advisors (2006) LLP is the property adviser to WELPUT and is a partnership formed by the former senior management of Benchmark Group PLC who founded WELPUT in 2001 and now a member of the Quintain Group plc.
Schroders has managed property funds since 1971 and now has £10.6 (€12.7 / US$17.2) billion of gross property assets under management (as at 30 September 2013). All of the property funds referred to are unauthorised collective investment schemes as defined in the Financial Services and Markets Act 2000. Promotion of these funds is restricted and access to full information about these funds is only available to those exempt from the restriction.
For further information about Schroders’ property business visit www.schroderproperty.com
Schroders plc Schroders is a global asset management company with £256.7 billion (EUR307.2 billion/$415.8 billion) under management as at 30 September 2013. Our clients are major financial institutions including pension funds, banks and insurance companies, local and public authorities, governments, charities, high net worth individuals and retail investors.
With one of the largest networks of offices of any dedicated asset management company, we operate from 33 offices in 27 countries across Europe, the Americas, Asia and the Middle East. Schroders has developed under stable ownership for over 200 years and long-term thinking governs our approach to investing, building client relationships and growing our business.
Further information about Schroders can be found at www.schroders.com.
Issued by Schroder Property Investment Management Limited, which is authorised and regulated by the Financial Conduct Authority. For regular updates by e-mail please register online at www.schroders.com for our alerting service.