PAIF (NURS non-complex)

Legal & General UK Property Fund

Fund facts

Fund size
£3,216.0m
Base currency
GBP
Launch date
23 May 2014
Domicile
UK
Share class launch

Statistics

Historical yield
3.2%

As at 31 May 2019

Fund aim

The objective of the fund is to provide a combination of income and growth through investing generally in commercial property. The fund will typically invest at least 80% in a range of UK property assets, but may hold as little as 60% in commercial property at the manager’s discretion. The fund will be a Property Authorised Investment Fund for tax purposes at all times.

Benchmark

Sector

IA UK Direct Property

  • A bricks and mortar fund from one of the leading commercial property managers in the UK
  • Focuses on high-quality properties, which aims to enhance value by engaging with tenants and building managers
  • Structured as a Property Authorised Investment Fund which benefits tax-exempt investors including charities, pension funds and those investing through an ISA

Further details

Costs

Price basis
Dual
Initial charge
0.00%
Ongoing charges figure
0.75%
Bid / Offer spread
5.66%

Codes

ISIN
GB00BK35DV33
SEDOL
BK35DV3
Bloomberg
LGPTFIA LN
MEX
LGAAHX

Dealing information

Valuation frequencyDaily, 12pm (UK time)
Dealing frequencyDaily
Settlement periodT+4

Find out more about price basis methodologies: View Guide to investing with us

Country registration

This share class is registered for sale in the following countries:

Fund updates

Performance

Source: Lipper

Performance (%)
Select period:
Change

    Performance summary (%)

    As at 31 May 2019

    Cumulative Fund IA Sector
    1 month 0.02 0.06
    6 months 1.14 -0.20
    Year to date 1.41 0.65
    3 years 15.30 11.70
    5 years 41.01 29.72
    Since launch 75.42 -
    Annualised Fund IA Sector
    1 year 3.21 1.76
    3 years 4.86 3.76
    5 years 7.11 5.34
    Since launch 4.33 -

    As at 31 Mar 2019

    Cumulative Fund IA Sector
    Quarterly 1.26 0.51
    Year to date 1.26 0.51
    3 years 16.63 10.69
    5 years 44.21 31.85
    Since launch 75.16 -
    Annualised Fund IA Sector
    1 year 4.90 2.65
    3 years 5.26 3.44
    5 years 7.59 5.68
    Since launch 4.37 -
    Rolling 12-month performance
    Calendar year performance
    Monthly performance
    Annualised performance

    Rolling 12-month performance to last quarter end (%)

    12 months to 31 March 2015 2016 2017 2018 2019
    Fund 14.29 8.18 2.40 8.58 4.90
    IA Sector 10.67 7.64 1.05 6.73 2.65

    Calendar year performance (%)

    2014 2015 2016 2017 2018
    Fund 13.57 10.50 1.91 8.84 4.65
    IA Sector 10.57 9.10 0.36 7.53 3.25

    Monthly performance (%)

    Annualised performance (%)

    1 year 3 years 5 years Since launch
    Fund 3.21 4.86 7.11 4.33
    IA Sector 1.76 3.76 5.34 -

    Annualised performance (%)

    1 year 3 years 5 years Since launch
    Fund 4.90 5.26 7.59 4.37
    IA Sector 2.65 3.44 5.68 -

    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 guide to the future.

    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 guide to the future.

    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 guide to the future.

    Performance for the Feeder Acc unit class in GBP, launched on . 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 guide to the future.

    Performance for the Feeder Inc unit class in GBP, launched on . 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 guide to the future.

    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 guide to the future.

    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 guide to the future.

    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 guide to the future.

    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 guide to the future.

    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 guide to the future.

    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 guide to the future.

    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 guide to the future.

    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.

    Portfolio

    As at 31 May 2019. All data source LGIM unless otherwise stated. Totals may not sum due to rounding.

    Asset (%)

    Direct Property Asset Value 68.7
    Cash and Equivalents 28.0
    Real Estate Investment Trusts 3.3

    Sector (%)

    Industrial 34.6
    Office - Regional 20.6
    Out of Town Retail 14.1
    Office - London 9.2
    Retail High Street 6.0
    Leisure 3.1
    Other 12.4

    Region (%)

    South East 21.3
    West Midlands 18.9
    Sub London 10.5
    Central London 10.3
    South West 8.2
    Yorkshire and Humberside 6.0
    Scotland 6.0
    North East 5.7
    North West 5.1
    Other 8.1

    Property characteristics

    No. of assets 95
    No. of physical properties 94
    Void rate ex. development 3.7%
    Average lease length 7.7 years
    Average lot size £23.9m
    Net initial yield 4.8%
    Property expense ratio 0.31%
    We embed ESG in all that we do and achieve excellent GRESB ratings.

    Top 10 holdings (£M)

    Lichfield - Fradley Park 150-160
    London - 15 Bonhill Street & 18, 20 & 22 Epworth Street 110-120
    Dunstable - Woodside Industrial Estate 100-110
    Gateshead - Follingsby Park 90-100
    Birmingham - One Colmore Square 90-100
    Leeds - Birstall Shopping Park, Birstall 80-90
    London - Priestley Way,Staples Corner 70-80
    Exeter - Into Exeter 70-80
    Hammersmith - The Aircraft Factory 60-70
    Cambridge - 214, 216, 240, 220 And 230 Cambridge Science Park 50-60

    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).

    Michael Barrie

    Matt Jarvis

    Literature

    Prices

    Name
    I GBP Acc
    Bid price
    88.12p
    Offer price
    93.14p
    Absolute change
    0.0001
    Currency
    GBP
    Price time
    12:00 UK time
    Name
    I GBP Inc
    Bid price
    56.39p
    Offer price
    59.60p
    Absolute change
    0.0001
    Currency
    GBP
    Price time
    12:00 UK time
    Name
    F GBP Acc
    Bid price
    82.89p
    Offer price
    87.61p
    Absolute change
    0.0001
    Currency
    GBP
    Price time
    12:00 UK time
    Name
    F GBP Inc
    Bid price
    55.92p
    Offer price
    59.10p
    Absolute change
    0.0001
    Currency
    GBP
    Price time
    12:00 UK time
    Name
    R GBP Acc
    Bid price
    77.42p
    Offer price
    81.84p
    Absolute change
    0
    Currency
    GBP
    Price time
    12:00 UK time
    Name
    R GBP Inc
    Bid price
    53.61p
    Offer price
    56.66p
    Absolute change
    0.0001
    Currency
    GBP
    Price time
    12:00 UK time
    Name
    C GBP Acc
    Bid price
    91.91p
    Offer price
    97.15p
    Absolute change
    0.0001
    Currency
    GBP
    Price time
    12:00 UK time
    Name
    C GBP Inc
    Bid price
    58.61p
    Offer price
    61.95p
    Absolute change
    0.0001
    Currency
    GBP
    Price time
    12:00 UK time
    Name
    L GBP Acc
    Bid price
    49.74p
    Offer price
    52.57p
    Absolute change
    0.0001
    Currency
    GBP
    Price time
    12:00 UK time
    Name
    L GBP Inc
    Bid price
    56.52p
    Offer price
    59.74p
    Absolute change
    0.0001
    Currency
    GBP
    Price time
    12:00 UK time
    Name
    Feeder GBP Acc
    Bid price
    91.34p
    Offer price
    96.55p
    Absolute change
    0.0002
    Currency
    GBP
    Price time
    12:00 UK time
    Name
    Feeder GBP Inc
    Bid price
    54.83p
    Offer price
    57.96p
    Absolute change
    0.0001
    Currency
    GBP
    Price time
    12:00 UK time

    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
    George’s Court, 54-62 Townsend Street
    Dublin 2, Ireland.
    Fax: +353 1 434 5293
    Telephone: +353 1 434 5080
    Email: [email protected]

    Legal & General SICAV
    Northern Trust Global Services SE
    6 rue Lou Hemmer
    L-1748 Senningerberg
    Grand-Duché de Luxembourg
    Facsimile: +352 276 222 150
    Telephone: +352 276 222 514
    Email: [email protected]s.com

    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.

    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

    Information for all Collectives is issued by Legal & General Investment Management Limited (‘LGIM’). It is a MiFID II compliant investment management firm that acts as Promoter and Distributor to a range of EU domiciled UCITS umbrella companies and a range of UK domiciled UCITS and Non UCITS Retail Schemes. LGIM also acts has been appointed as the Investment Manager of these funds.

    Legal & General Investment Management Limited 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