PAIF (NURS non-complex)

Legal & General UK Property Fund

“The Board of the Funds’ authorised fund manager, Legal & General (Unit Trust Managers) Limited (“LGUTM”) intends to reopen the Funds at 12:00 noon on 13 October 2020. This means we can receive client orders to trade after 12:00 noon on 12 October.

The Board is now confident that the following the criteria are met, and providing no new material issues come to light and it remains in the best interests of investors, the Funds can reopen on 13 October.

  1. Material Uncertainty Clauses apply to below 20% of the assets in the portfolios and the risk of going over 20% following reopening is limited
  2. The LGUTM Board is satisfied that valuations from the Funds’ independent valuer, Knight Frank, remain accurate and reflective of the market for transactions
  3. The Funds’ liquidity position remains well-placed to meet investor intentions and still has sufficient liquidity after redemptions are met

We will continue to monitor investor intentions and the factors outlined above in the lead up to the planned opening date. Should anything materially change, further communications will be issued.

The Funds are opening as soon as practicable, allowing for communication with the broad client base and ensuring sufficient notification periods are enabled.”

Fund facts

Fund size
£2,769.2m
Base currency
GBP
Launch date
23 May 2014
Domicile
UK
Share class launch

Statistics

Historical yield
2.8%

As at 31 Jul 2020

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

Sector

IA UK Direct Property

  • 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.

Further details

Costs

Price basis
Dual
Initial charge
0.00%
Ongoing charges figure
0.75%
Bid / Offer spread
5.64%

Codes

ISIN
GB00BK35DV33
SEDOL
BK35DV3
Bloomberg
LGPTFIA LN
MEX
LGAAHX

Dealing information

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

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 Jul 2020

    CumulativeFundBenchmark
    1 month-0.16-0.25
    6 months-3.35-4.68
    Year to date-2.94-4.50
    3 years9.261.28
    5 years22.0710.12
    Since launch73.24-
    AnnualisedFundBenchmark
    1 year-1.65-5.68
    3 years2.990.42
    5 years4.061.94
    Since launch3.88-

    As at 30 Jun 2020

    CumulativeFundBenchmark
    Quarterly-1.38-3.76
    Year to date-2.78-4.29
    3 years10.682.06
    5 years23.3311.31
    Since launch73.52-
    AnnualisedFundBenchmark
    1 year-1.34-5.44
    3 years3.440.68
    5 years4.282.16
    Since launch3.92-
    Rolling 12-month performance
    Calendar year performance
    Monthly performance
    Annualised performance

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

    12 months to 30 June 2016 2017 2018 2019 2020
    Fund3.407.779.102.83-1.34
    Benchmark2.146.776.521.35-5.42

    Calendar year performance (%)

    2015 2016 2017 2018 2019
    Fund10.501.918.844.653.18
    Benchmark9.570.487.543.25-0.59

    Monthly performance (%)

    Annualised performance (%)

    1 year3 years5 yearsSince launch
    Fund-1.652.994.063.88
    Benchmark-5.680.421.94-

    Annualised performance (%)

    1 year3 years5 yearsSince launch
    Fund-1.343.444.283.92
    Benchmark-5.440.682.16-

    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 Jul 2020. All data source LGIM unless otherwise stated. Totals may not sum due to rounding.

    Asset (%)

    Direct Property Asset Value69.2
    Cash24.4
    Reserved Cash (Developments)3.6
    Real Estate Investment Trusts2.9

    Sector (%)

    Industrial37.0
    Office - Regional24.0
    Out of Town Retail12.5
    Office - London4.5
    Retail High Street3.5
    Leisure2.8
    Other15.6

    Region (%)

    South East23.6
    West Midlands21.9
    South West10.4
    Sub London9.6
    North East6.2
    North West5.8
    Central London5.8
    Yorkshire and Humberside5.6
    Scotland5.2
    Other5.9

    Property characteristics

    No. of assets98
    No. of physical properties97
    Void rate ex. development4.7%
    Average lease length6.8 years
    Average lot size£20.2m
    Net initial yield4.8%
    Property expense ratio0.31%
    We embed ESG in all that we do and achieve excellent GRESB ratings.

    Top 10 holdings (£M)

    Lichfield - Fradley Park150-200
    Dunstable - Woodside Industrial Estate100-125
    Gateshead - Follingsby Park90-100
    Birmingham - One Colmore Square80-90
    London - Priestley Way,Staples Corner70-80
    Exeter - Into Exeter70-80
    Leeds - Birstall Shopping Park, Birstall60-70
    Hammersmith - The Aircraft Factory60-70
    Cambridge - 214, 216, 240, 220 And 230 Cambridge Science Park60-70
    Hampton By Hilton Stansted40-50

    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

    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

    Dividend history

    Total dividends paid in each financial year of the fund.

    Prices

    Name
    I GBP Acc
    Bid price
    86.90p
    Offer price
    91.78p
    Absolute change
    -0.0008
    Currency
    GBP
    Price time
    12:00 UK time
    Name
    I GBP Inc
    Bid price
    54.16p
    Offer price
    57.19p
    Absolute change
    -0.0005
    Currency
    GBP
    Price time
    12:00 UK time
    Name
    F GBP Acc
    Bid price
    81.53p
    Offer price
    86.11p
    Absolute change
    -0.0008
    Currency
    GBP
    Price time
    12:00 UK time
    Name
    F GBP Inc
    Bid price
    53.71p
    Offer price
    56.72p
    Absolute change
    -0.0005
    Currency
    GBP
    Price time
    12:00 UK time
    Name
    R GBP Acc
    Bid price
    75.78p
    Offer price
    80.03p
    Absolute change
    -0.0007
    Currency
    GBP
    Price time
    12:00 UK time
    Name
    R GBP Inc
    Bid price
    51.50p
    Offer price
    54.39p
    Absolute change
    -0.0005
    Currency
    GBP
    Price time
    12:00 UK time
    Name
    C GBP Acc
    Bid price
    90.72p
    Offer price
    95.81p
    Absolute change
    -0.0008
    Currency
    GBP
    Price time
    12:00 UK time
    Name
    C GBP Inc
    Bid price
    56.29p
    Offer price
    59.44p
    Absolute change
    -0.0005
    Currency
    GBP
    Price time
    12:00 UK time
    Name
    L GBP Acc
    Bid price
    49.40p
    Offer price
    52.17p
    Absolute change
    -0.0004
    Currency
    GBP
    Price time
    12:00 UK time
    Name
    L GBP Inc
    Bid price
    54.27p
    Offer price
    57.31p
    Absolute change
    -0.0005
    Currency
    GBP
    Price time
    12:00 UK time
    Name
    Feeder GBP Acc
    Bid price
    91.37p
    Offer price
    96.49p
    Absolute change
    -0.0007
    Currency
    GBP
    Price time
    12:00 UK time
    Name
    Feeder GBP Inc
    Bid price
    52.46p
    Offer price
    55.40p
    Absolute change
    -0.0004
    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
    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
    6 rue Lou Hemmer
    L-1748 Senningerberg
    Grand-Duché de Luxembourg
    Facsimile: +352 276 222 150
    Telephone: +352 276 222 514
    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 LGIM Managers (Europe) Limited as management company for this fund. Registered in Ireland No. 609677. Registered Office: 33/34 Sir John Rogerson’s Quay, Dublin, 2, Ireland. Authorised and Regulated by the Central Bank of Ireland No. C173733.

    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.