WELPUT wins at IPD European Investment Awards
The West End of London Property Unit Trust (“WELPUT”/ the ‘Trust’), managed by Schroders and advised by Grafton Advisors, was announced as the winner of the IPD European Property Investment Specialist Fund Award*. The Award was for the highest total return relative to the appropriate national sector benchmark annualised over the three years to the end of 2011. Delivering a total return of 15.7% per annum and relative outperformance of 6.4% per annum WELPUT performed strongly against a market benchmark return of 8.8% per annum.
The IPD award is in recognition of WELPUT’s performance over a period when there have been a number of significant achievements. Most recently WELPUT completed the redevelopment, letting and sale of Stratton House to a private European investor for £166.0 million reflecting an initial yield of 4.2% and crystallising significant valuation uplift. The proceeds were used to repay £48.8 million of debt with the remainder immediately reinvested in the contrasting locations of St James’s Square and the emerging market of Farringdon Road. Both buildings offer asset management opportunities.
Jane Gravestock, Head of UK Property Fund Management, Specialist Funds at Schroders said:
“Our strategy for driving future performance includes maintaining an exposure to prime buildings in the core Mayfair/St James market but also acquiring assets that reflect our view that strong investment performance will come from buildings in emerging locations at lower price points.”
Nigel Kempner, Head of Grafton Advisors, part of Quintain Estates and Development plc said:
“I am delighted that WELPUT has won this award which fully justifies our strategy of being a specialist Central London team recycling capital by opportunistic purchase, active management or redevelopment and then sale when investment considerations dictate. “I expect some strong performance going forward from the refurbishment and development projects we have underway which we anticipate letting in a rising rental market .”
The awards are determined on IPD’s independent performance measurement of pension and life funds, pooled property funds, property companies and other professionally managed portfolios across Europe.
For further information, please contact:
Estelle Bibby, Schroders +44 (0)20 7658 3431 firstname.lastname@example.org
Dido Laurimore/Olivia Goodall FTI Consulting +44 (0)20 7831 3113
Notes to editors
For trade press only
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 multilet 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 has £10.2 billion (EUR 12.2 billion / US$ 16.3 billion) of gross property assets under management (at 31 March 2012) and has around 100 property staff located in 9 offices across the UK and Europe.
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.schroders.com
Schroders is a global asset management company with £199.6 billion (€238.9 billion, $310.1 billion) under management as at 31 March, 2012. 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.
Further information about Schroders can be found at www.schroders.com or on Schroders Talking Point www.schroders.com/talkingpoint.
Schroder Property Investment Management Limited and Schroder Investment Management Limited are authorised and regulated by the Financial Services Authority.
Issued by Schroder Property Investment Management Limited. Registration no. 1188240 England.