Notification of change to the spread on the L&G UK Property Fund and L&G UK Property Feeder Fund
- The spread was reduced on 1 April 2022, effectively lowering the cost of entry to the Fund
- The manager will endeavour to provide notice (via this website) before increasing the spread
- The manager retains the right to increase the spread without notice to protect existing investors from dilution if necessary
- The spread can change at any time and by any amount. Please monitor the website to keep informed on the latest spread. For more information, please click here
Fund facts
Fund size
£1,412.6m
Fund size
£1,422.8m
Base currency
GBP
Launch date
23 May 2014
Domicile
UK
Share class launch
Statistics
Historical yield
3.5%
As at 31 Aug 2023
Fund aim
The Fund will be a Property Authorised Investment Fund for tax purposes at all times. Its objective is to provide a combination of income and capital growth through investing generally in commercial property and managing cash.
Benchmark
Fund snapshot
- What does it invest in? Invests in UK office, retail, industrial and residential property. May also invest in other UK property related investments, such as shares in property companies and real estate investment trusts as well as hold cash.
- How does it invest? Actively managed, and typically has at least 80% invested in property, though the Manager may reduce this to 60% if necessary to maintain liquidity and performance of the fund. May invest up to 20% in residential property and may also develop properties.
Performance
Source: Lipper
Performance for the C Acc unit class in GBP, launched on 23 May 2014. Source: Lipper. Performance assumes all fund charges have been taken and that all income generated by the investments, after deduction of tax, remains in the fund. This fund was launched on 27 May 2014 following a restructure of the previous property unit trust. The performance shown combines the past performance of this fund with the performance of the equivalent class in the previous property unit trust. The IA Sector averages are inclusive of both PAIFs and Feeders in its calculation.
Past performance is not a reliable indicator of future performance. Markets could develop very differently in the future. It can help you to assess how the fund has been managed in the past. The tables and charts above shows the fund's performance as the percentage loss or gain per year over the last 10 years.
Performance for the C Inc unit class in GBP, launched on 23 May 2014. Source: Lipper. Performance assumes all fund charges have been taken and that all income generated by the investments, after deduction of tax, remains in the fund. This fund was launched on 27 May 2014 following a restructure of the previous property unit trust. The performance shown combines the past performance of this fund with the performance of the equivalent class in the previous property unit trust. The IA Sector averages are inclusive of both PAIFs and Feeders in its calculation.
Past performance is not a reliable indicator of future performance. Markets could develop very differently in the future. It can help you to assess how the fund has been managed in the past. The tables and charts above shows the fund's performance as the percentage loss or gain per year over the last 10 years.
Performance for the F Acc unit class in GBP, launched on 23 May 2014. Source: Lipper. Performance assumes all fund charges have been taken and that all income generated by the investments, after deduction of tax, remains in the fund. This fund was launched on 27 May 2014 following a restructure of the previous property unit trust. The performance shown combines the past performance of this fund with the performance of the equivalent class in the previous property unit trust. The IA Sector averages are inclusive of both PAIFs and Feeders in its calculation.
Past performance is not a reliable indicator of future performance. Markets could develop very differently in the future. It can help you to assess how the fund has been managed in the past. The tables and charts above shows the fund's performance as the percentage loss or gain per year over the last 10 years.
Performance for the Feeder Acc unit class in GBP, launched on 27 May 2014. Source: Lipper. Performance assumes all fund charges have been taken and that all income generated by the investments, after deduction of tax, remains in the fund. This fund was launched on 27 May 2014 following a restructure of the previous property unit trust. The performance shown combines the past performance of this fund with the performance of the equivalent class in the previous property unit trust. The IA Sector averages are inclusive of both PAIFs and Feeders in its calculation.
Past performance is not a reliable indicator of future performance. Markets could develop very differently in the future. It can help you to assess how the fund has been managed in the past. The tables and charts above shows the fund's performance as the percentage loss or gain per year over the last 10 years.
Performance for the Feeder Inc unit class in GBP, launched on 27 May 2014. Source: Lipper. Performance assumes all fund charges have been taken and that all income generated by the investments, after deduction of tax, remains in the fund. This fund was launched on 27 May 2014 following a restructure of the previous property unit trust. The performance shown combines the past performance of this fund with the performance of the equivalent class in the previous property unit trust. The IA Sector averages are inclusive of both PAIFs and Feeders in its calculation.
Past performance is not a reliable indicator of future performance. Markets could develop very differently in the future. It can help you to assess how the fund has been managed in the past. The tables and charts above shows the fund's performance as the percentage loss or gain per year over the last 10 years.
Performance for the F Inc unit class in GBP, launched on 23 May 2014. Source: Lipper. Performance assumes all fund charges have been taken and that all income generated by the investments, after deduction of tax, remains in the fund. This fund was launched on 27 May 2014 following a restructure of the previous property unit trust. The performance shown combines the past performance of this fund with the performance of the equivalent class in the previous property unit trust. The IA Sector averages are inclusive of both PAIFs and Feeders in its calculation.
Past performance is not a reliable indicator of future performance. Markets could develop very differently in the future. It can help you to assess how the fund has been managed in the past. The tables and charts above shows the fund's performance as the percentage loss or gain per year over the last 10 years.
Performance for the I Acc unit class in GBP, launched on 23 May 2014. Source: Lipper. Performance assumes all fund charges have been taken and that all income generated by the investments, after deduction of tax, remains in the fund. This fund was launched on 27 May 2014 following a restructure of the previous property unit trust. The performance shown combines the past performance of this fund with the performance of the equivalent class in the previous property unit trust. The IA Sector averages are inclusive of both PAIFs and Feeders in its calculation.
Past performance is not a reliable indicator of future performance. Markets could develop very differently in the future. It can help you to assess how the fund has been managed in the past. The tables and charts above shows the fund's performance as the percentage loss or gain per year over the last 10 years.
Performance for the I Inc unit class in GBP, launched on 23 May 2014. Source: Lipper. Performance assumes all fund charges have been taken and that all income generated by the investments, after deduction of tax, remains in the fund. This fund was launched on 27 May 2014 following a restructure of the previous property unit trust. The performance shown combines the past performance of this fund with the performance of the equivalent class in the previous property unit trust. The IA Sector averages are inclusive of both PAIFs and Feeders in its calculation.
Past performance is not a reliable indicator of future performance. Markets could develop very differently in the future. It can help you to assess how the fund has been managed in the past. The tables and charts above shows the fund's performance as the percentage loss or gain per year over the last 10 years.
Performance for the L Acc unit class in GBP, launched on 25 April 2019. Source: Lipper. Performance assumes all fund charges have been taken and that all income generated by the investments, after deduction of tax, remains in the fund. This fund was launched on 27 May 2014 following a restructure of the previous property unit trust. The performance shown combines the past performance of this fund with the performance of the equivalent class in the previous property unit trust. The IA Sector averages are inclusive of both PAIFs and Feeders in its calculation.
Past performance is not a reliable indicator of future performance. Markets could develop very differently in the future. It can help you to assess how the fund has been managed in the past. The tables and charts above shows the fund's performance as the percentage loss or gain per year over the last 10 years.
Performance for the L Inc unit class in GBP, launched on 23 May 2014. Source: Lipper. Performance assumes all fund charges have been taken and that all income generated by the investments, after deduction of tax, remains in the fund. This fund was launched on 27 May 2014 following a restructure of the previous property unit trust. The performance shown combines the past performance of this fund with the performance of the equivalent class in the previous property unit trust. The IA Sector averages are inclusive of both PAIFs and Feeders in its calculation.
Past performance is not a reliable indicator of future performance. Markets could develop very differently in the future. It can help you to assess how the fund has been managed in the past. The tables and charts above shows the fund's performance as the percentage loss or gain per year over the last 10 years.
Performance for the N Acc unit class in GBP, launched on 05 December 2022. Source: Lipper. Performance assumes all fund charges have been taken and that all income generated by the investments, after deduction of tax, remains in the fund. This fund was launched on 27 May 2014 following a restructure of the previous property unit trust. The performance shown combines the past performance of this fund with the performance of the equivalent class in the previous property unit trust. The IA Sector averages are inclusive of both PAIFs and Feeders in its calculation.
Past performance is not a reliable indicator of future performance. Markets could develop very differently in the future. It can help you to assess how the fund has been managed in the past. The tables and charts above shows the fund's performance as the percentage loss or gain per year over the last 10 years.
Performance for the N Inc unit class in GBP, launched on 05 December 2022. Source: Lipper. Performance assumes all fund charges have been taken and that all income generated by the investments, after deduction of tax, remains in the fund. This fund was launched on 27 May 2014 following a restructure of the previous property unit trust. The performance shown combines the past performance of this fund with the performance of the equivalent class in the previous property unit trust. The IA Sector averages are inclusive of both PAIFs and Feeders in its calculation.
Past performance is not a reliable indicator of future performance. Markets could develop very differently in the future. It can help you to assess how the fund has been managed in the past. The tables and charts above shows the fund's performance as the percentage loss or gain per year over the last 10 years.
Performance for the R Acc unit class in GBP, launched on 23 May 2014. Source: Lipper. Performance assumes all fund charges have been taken and that all income generated by the investments, after deduction of tax, remains in the fund. This fund was launched on 27 May 2014 following a restructure of the previous property unit trust. The performance shown combines the past performance of this fund with the performance of the equivalent class in the previous property unit trust. The IA Sector averages are inclusive of both PAIFs and Feeders in its calculation.
Past performance is not a reliable indicator of future performance. Markets could develop very differently in the future. It can help you to assess how the fund has been managed in the past. The tables and charts above shows the fund's performance as the percentage loss or gain per year over the last 10 years.
Performance for the R Inc unit class in GBP, launched on 23 May 2014. Source: Lipper. Performance assumes all fund charges have been taken and that all income generated by the investments, after deduction of tax, remains in the fund. This fund was launched on 27 May 2014 following a restructure of the previous property unit trust. The performance shown combines the past performance of this fund with the performance of the equivalent class in the previous property unit trust. The IA Sector averages are inclusive of both PAIFs and Feeders in its calculation.
Past performance is not a reliable indicator of future performance. Markets could develop very differently in the future. It can help you to assess how the fund has been managed in the past. The tables and charts above shows the fund's performance as the percentage loss or gain per year over the last 10 years.
During the period following the EU referendum (June to September 2016) the manager applied fair value adjustments to the property values in the fund. The fair value adjustments marked down the value of the properties to reflect what the manager believed to be fair value of the properties until the valuation agent regained confidence in the property valuations.
Performance (%)
Performance summary (%)
As at 31 Aug 2023
| Cumulative | Fund |
| 1 month | -0.25 |
| 6 months | 1.24 |
| Year to date | 1.15 |
| 3 years | 8.31 |
| 5 years | 8.92 |
| Since launch | - |
| Annualised | Fund |
| 1 year | -14.03 |
| 3 years | 2.70 |
| 5 years | 1.72 |
| Since launch | - |
As at 30 Jun 2023
| Cumulative | Fund |
| Quarterly | 1.62 |
| Year to date | 1.48 |
| 3 years | 8.86 |
| 5 years | 10.44 |
| Since launch | 88.71 |
| Annualised | Fund |
| 1 year | -15.89 |
| 3 years | 2.87 |
| 5 years | 2.01 |
| Since launch | 3.73 |
Rolling 12-month performance to last quarter end (%)
| 12 months to 30 June | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 |
|---|---|---|---|---|---|---|---|---|---|---|
| Fund | - | 12.36 | 3.40 | 7.77 | 9.10 | 2.83 | -1.34 | 7.96 | 19.89 | -15.89 |
Calendar year performance (%)
| 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Fund | - | - | 10.50 | 1.91 | 8.84 | 4.65 | 3.18 | -1.01 | 18.29 | -10.94 |
Monthly performance (%)
Annualised performance (%)
| 1 year | 3 years | 5 years | Since launch | |
|---|---|---|---|---|
| Fund | -14.03 | 2.70 | 1.72 | - |
Annualised performance (%)
| 1 year | 3 years | 5 years | Since launch | |
|---|---|---|---|---|
| Fund | -15.89 | 2.87 | 2.01 | 3.73 |
Portfolio
As at 31 Aug 2023. All data source LGIM unless otherwise stated. Totals may not sum due to rounding.
Asset (%)
| Direct Property Asset Value | 83.7 | |
| Cash | 11.2 | |
| Real Estate Investment Trusts | 3.0 | |
| Reserved Cash (Developments) | 2.1 |
Sector (%)
| Industrial | 44.5 | |
| Out of Town Retail | 13.6 | |
| Office - Regional | 10.8 | |
| Other - Build to Rent Residential | 8.7 | |
| Other - Hotel | 7.2 | |
| Office - London | 5.9 | |
| Leisure | 4.4 | |
| Other - Self Storage | 2.5 | |
| Retail High Street | 1.4 | |
| Other | 0.9 |
Region (%)
| South East | 31.7 | |
| North West | 12.0 | |
| North East | 8.8 | |
| West Midlands | 8.7 | |
| South West | 8.6 | |
| Sub London | 7.6 | |
| Central London | 7.4 | |
| Yorkshire and Humberside | 7.3 | |
| Scotland | 3.4 | |
| Other | 4.3 |
Property characteristics
| No. of assets | 66 |
| No. of physical properties | 65 |
| Void rate ex. development | 7.7% |
| Average lease length | 5.9 years |
| Average lot size | £18.4m |
| Net initial yield | 5.0% |
Top 10 holdings (£M)
| Dunstable - Woodside Industrial Estate | 125-150 |
| Gateshead - Follingsby Park | 100-125 |
| Leeds - Birstall Shopping Park, Birstall | 70-80 |
| Stansted - Hampton By Hilton | 50-60 |
| Chelmsford - One Canalside | 50-60 |
| Manchester - North Tower, Deansgate Square | 50-60 |
| Hammersmith - The Aircraft Factory | 40-50 |
| London - 120 Aldersgate Street | 30-40 |
| Manchester - Malmaison | 30-40 |
| Coleshill - Hams Hall - 170 (K+N) And 28 (Abb) | 30-40 |
Fund Managers
Michael Barrie is co-fund manager for the UK Property Fund and is also a Director of Legal & General Property Division. He joined Legal & General Property in 2005 from F&C Property Asset Management. Michael is a member of the Royal Institution of Chartered Surveyors and has a postgraduate diploma in property investment from Reading University.
Matt Jarvis joined Legal & General Property as an Asset Manager in November 2004 and is Co-Fund Manager of the UK Property Fund, having previously been a Commercial Valuer with Jones Lang LaSalle. Matt holds a degree in Land Management from Reading University and is a Member of the Royal Institution of Chartered Surveyors (MRICS).
MichaelBarrie
MattJarvis
Literature
Key literature
Fact Sheet
31 Aug 2023
Fact Sheet
31 Aug 2023
KIID
24 Aug 2023
KIID
24 Aug 2023
KIID
24 Aug 2023
KIID
24 Aug 2023
KIID
24 Aug 2023
KIID
24 Aug 2023
KIID
24 Aug 2023
KIID
24 Aug 2023
KIID
24 Aug 2023
KIID
24 Aug 2023
KIID
24 Aug 2023
KIID
24 Aug 2023
KIID
24 Aug 2023
KIID
24 Aug 2023Prospectus
24 Aug 2023Value assessment
28 Apr 2023Fact sheets
2023Change date
Legal documents
KIID
24 Aug 2023
KIID
24 Aug 2023
KIID
24 Aug 2023
KIID
24 Aug 2023
KIID
24 Aug 2023
KIID
24 Aug 2023
KIID
24 Aug 2023
KIID
24 Aug 2023
KIID
24 Aug 2023
KIID
24 Aug 2023
KIID
24 Aug 2023
KIID
24 Aug 2023
KIID
24 Aug 2023
KIID
24 Aug 2023Prospectus
24 Aug 2023UK EMT costs and charges
20 Jun 2023European EMT costs and charges
20 Jun 2023Value assessment
28 Apr 2023Climate reports
2022Change date
Reports and accounts
2023Change date
Long report - annual
28 Nov 2022Long report - annual
28 Nov 2021Long report - annual
28 Nov 2020Long report - annual
28 Nov 2019Long report - annual
28 Nov 2018Long report - annual
28 Nov 2017Short report - annual
28 Nov 2018Short report - annual
28 Nov 2017Long report - interim
28 May 2023Long report - interim
28 May 2022Long report - interim
28 May 2021Long report - interim
28 May 2020Long report - interim
28 May 2019Long report - interim
28 May 2018Long report - interim
28 May 2017Short report - interim
28 May 2019Short report - interim
28 May 2018Short report - interim
28 May 2017Shareholder notices
2022Change date
Income
Latest dividends
The latest dividends are shown below. The historic level of income generated by this fund may go down as well up and will vary over time.
of
Total dividends paid in each financial year of the fund.
Prices
Name
I GBP Acc
Bid price
93.93p
Offer price
95.03p
Absolute change
0.0005
Currency
GBP
Price time
12:00 UK time
Name
I GBP Inc
Bid price
54.33p
Offer price
54.96p
Absolute change
0.0003
Currency
GBP
Price time
12:00 UK time
Name
R GBP Acc
Bid price
80.49p
Offer price
81.43p
Absolute change
0.0004
Currency
GBP
Price time
12:00 UK time
Name
R GBP Inc
Bid price
51.69p
Offer price
52.29p
Absolute change
0.0003
Currency
GBP
Price time
12:00 UK time
Name
F GBP Acc
Bid price
87.61p
Offer price
88.64p
Absolute change
0.0004
Currency
GBP
Price time
12:00 UK time
Name
F GBP Inc
Bid price
53.92p
Offer price
54.55p
Absolute change
0.0003
Currency
GBP
Price time
12:00 UK time
Name
C GBP Acc
Bid price
98.35p
Offer price
99.50p
Absolute change
0.0006
Currency
GBP
Price time
12:00 UK time
Name
C GBP Inc
Bid price
56.47p
Offer price
57.13p
Absolute change
0.0003
Currency
GBP
Price time
12:00 UK time
Name
L GBP Acc
Bid price
54.36p
Offer price
55.00p
Absolute change
0.0002
Currency
GBP
Price time
12:00 UK time
Name
L GBP Inc
Bid price
54.44p
Offer price
55.08p
Absolute change
0.0003
Currency
GBP
Price time
12:00 UK time
Name
N GBP Acc
Bid price
49.11p
Offer price
49.69p
Absolute change
0.0002
Currency
GBP
Price time
12:00 UK time
Name
N GBP Inc
Bid price
48.12p
Offer price
48.68p
Absolute change
0.0002
Currency
GBP
Price time
12:00 UK time
Name
Feeder GBP Acc
Bid price
102.90p
Offer price
104.10p
Absolute change
0
Currency
GBP
Price time
12:00 UK time
Name
Feeder GBP Inc
Bid price
52.27p
Offer price
52.88p
Absolute change
0.0003
Currency
GBP
Price time
12:00 UK time
Further details
Costs
Price basis
Dual
Initial charge
0.00%
Ongoing charges figure
0.75%
Bid / Offer spread
1.17%- round trip
Codes
ISIN
GB00BK35DV33
SEDOL
BK35DV3
Bloomberg
LGPTFIA LN
MEX
LGAAHX
Dealing information
| Valuation frequency | Daily, 12pm (UK time) |
| Dealing frequency | Daily |
| Settlement period | T+4 |
Spread is temporarily lower than typical, please check the fund webpage for more information.
Country registration
This share class is registered for sale in the following countries:
For valuations and account queries contact:
Legal & General (Unit Trust Managers) Limited
PO Box 6080
Wolverhampton
WV1 9RB
Tel : 0370 050 0955
Email: [email protected]
Legal & General ICAV
LGIM Liquidity Funds Plc
Northern Trust International Fund Administration Services (Ireland) Limited
City East Plaza - Block A
Towlerton
Ballysimon Road
Limerick
Ireland
V94 X2N9
Fax: +353 1 434 5293
Telephone: +353 1 434 5080
Email: [email protected]
Legal & General SICAV
Northern Trust Global Services SE
10 Rue du Château d'Eau
L-3364 Leudelange
Grand-Duché de Luxembourg
Facsimile: +352 28 294 454
Telephone: +352 28 294 123
Email: [email protected]
Key risks
The value of an investment and any income taken from it is not guaranteed and can go down as well as up, you may not get back the amount you originally invested.
Past performance is no guarantee of future results.
The Fund invests in assets that may at times be hard to sell. This means that there may be occasions when you experience a delay or receive less than you might otherwise expect when selling your investment.
The fund manager runs a fund to meet its objective and you should expect a fund's investments to change over time. The fund's level of risk may also change in the future. At times it may be difficult for the fund to make investments or sell assets to meet investors’ requests to buy/sell shares. Where this occurs the fund may experience reduced investment performance for a period or have difficulty paying proceeds to investors who wish to sell shares. Property can be difficult to buy or sell. This could mean: cash builds up waiting to be invested, so the fund will underperform when property returns are greater than the interest earned; and/or property may have to be sold for less than expected. If an exceptional amount of withdrawals are requested, the fund manager may be forced to sell properties quickly. This could mean that properties are sold for less than expected which would reduce the value of your investment. In times of market uncertainty or if an exceptional amount of withdrawals are requested it may become less easy for your fund to sell properties and the Manager may defer withdrawals, or suspend dealing. The Manager can only delay paying out if it is in the interests of all investors and with the permission of the fund trustee or depositary. Rental growth is not guaranteed and unpaid rent could affect the performance of your investment. The value of property is generally a matter of valuer’s opinion rather than fact and the true value of a property may not be recognised until the property is sold. In certain circumstances we may not be able to obtain a valuer's opinion and will apply our own valuation. The fund will undertake development of properties where the full benefits of any increases in the value of the property or the income earned from it are not received until completion. While any development is taking place, the fund is at risk from delays, increased costs or not achieving the predicted improvement in increasing the value of the property or rent received.
The fund could lose money if any institution providing services such as acting as counterparty to derivatives or other instruments, becomes unwilling or unable to meet its obligations to the fund.
Derivatives are highly sensitive to changes in the value of the asset on which they are based and can increase the size of losses and gains.
Important information
This information is intended for investment professionals only and is for information purposes only. It should not be distributed without our permission.
No investment decisions should be made without first reviewing the key investor information document and prospectus (and any supplements thereto) of the relevant product which includes information on certain risks associated with an investment.
Unless otherwise agreed in writing, the Information on this website (a) is for information purposes only and we are not soliciting any action based on it, and (b) is not a recommendation to buy or sell securities or pursue a particular investment strategy; and (c) is not investment, legal, regulatory or tax advice. Any trading or investment decisions taken by you should be based on your own analysis and judgment (and/or that of your professional advisers) and not in reliance on us or the Information.
This information is only directed at investors resident in jurisdictions where each fund is registered for sale. It is not an offer or invitation to persons outside of those jurisdictions. We reserve the right to reject any applications from outside of such jurisdictions.
All information detailed on this website is current at the time of publication and may be changed in the future.
Source and third party data
Source: Unless otherwise indicated all data contained on this website is sourced from Legal & General Investment Management Limited.
Where this document contains third party data ('Third Party Data’), we cannot guarantee the accuracy, completeness or reliability of such Third Party Data and accept no responsibility or liability whatsoever in respect of such Third Party Data
Issuer
Issued by Legal & General Investment Management Limited as promoter and distributor for this fund in the UK.
Legal & General Investment Management Limited has been appointed as the discretionary investment manager for these Funds and is Registered in England and Wales No. 02091894. Registered Office: One Coleman Street, London, EC2R 5AA, United Kingdom. Authorised and regulated by the Financial Conduct Authority, No. 119272.
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