PAIF (NURS non-complex)

Legal & General UK Property Fund

L&G UK Property Fund (PAIF/OEIC) and L&G UK Property Feeder (Unit Trust) suspension

We can confirm that in light of market volatility and the exceptional circumstances in the UK property market, we have taken the difficult decision to suspend trading in the Legal & General UK Property Fund (the “Fund”) and Legal & General UK Property Feeder Fund (the “Feeder Fund”).

The suspension will apply to any instructions to be effected on or after the valuation point at 12.00 midday on 18th March 2020. This means we cannot process any instruction to buy, sell, transfer or switch shares in the funds placed after midday on 17th March 2020. Any monies received for purchases will not be accepted and will be returned to investors. The suspension will remain in place until further notice.

In accordance with the FCA’s regulatory requirements, the suspension is being formally reviewed by the Fund Manager’s Board every 28-days. The Board has reviewed and confirmed the suspension should remain in place with effect from 13 May 2020.

For more information, please click here

Asset Management Market Study

In response to the Asset Management Market Study, we have (i) updated our fund investment objectives and policies so they are clearer and more useful for investors and (ii) explained why and how our funds use particular benchmarks or, if they do not use a benchmark, how investors should assess the performance of a fund.

Updated KIIDs and prospectuses are available for the UK authorised funds. The fact sheets with the new disclosures will be available from September 2019. For further information on the Asset Management Market Study, please download our frequently asked questions.

The way we manage the funds, and the risk profiles associated with our funds, has not changed. Full details of the clarifications we’ve made to our funds, please download our UK fund updates.

A full copy of the Legal & General Investment Management Assessment of Value report can be found on our value assessment page which outlines further information on each of the funds assessed, and any steps we are taking following the assessment.

Fund facts

Fund size
£2,803.6m
Base currency
GBP
Launch date
23 May 2014
Domicile
UK
Share class launch

Statistics

Historical yield
3.1%

As at 30 Apr 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
5.75%

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 30 Apr 2020

    CumulativeFundBenchmark
    1 month-0.45-2.30
    6 months-1.61-3.39
    Year to date-1.87-2.84
    3 years12.784.66
    5 years25.3514.47
    Since launch75.14-
    AnnualisedFundBenchmark
    1 year-0.14-3.97
    3 years4.091.53
    5 years4.622.74
    Since launch4.03-

    As at 31 Mar 2020

    CumulativeFundBenchmark
    Quarterly-1.42-0.56
    Year to date-1.42-0.56
    3 years14.417.74
    5 years26.7417.71
    Since launch75.94-
    AnnualisedFundBenchmark
    1 year0.44-1.61
    3 years4.592.51
    5 years4.853.31
    Since launch4.09-
    Rolling 12-month performance
    Calendar year performance
    Monthly performance
    Annualised performance

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

    12 months to 31 March 2016 2017 2018 2019 2020
    Fund8.182.408.584.900.45
    Benchmark8.041.126.732.60-1.61

    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-0.144.094.624.03
    Benchmark-3.971.532.74-

    Annualised performance (%)

    1 year3 years5 yearsSince launch
    Fund0.444.594.854.09
    Benchmark-1.612.513.31-

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

    Asset (%)

    Direct Property Asset Value70.1
    Cash23.4
    Reserved Cash (Developments)3.6
    Real Estate Investment Trusts2.9

    Sector (%)

    Industrial36.5
    Office - Regional23.8
    Out of Town Retail12.6
    Office - London4.6
    Retail High Street3.8
    Leisure3.1
    Other15.5

    Region (%)

    South East23.1
    West Midlands22.0
    South West10.3
    Sub London9.5
    North East6.1
    North West6.0
    Central London5.8
    Yorkshire and Humberside5.7
    Scotland5.5
    Other6.1

    Property characteristics

    No. of assets98
    No. of physical properties97
    Void rate ex. development5.1%
    Average lease length7.2 years
    Average lot size£20.6m
    Net initial yield4.8%
    Property expense ratio0.39%
    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

    Prices

    Name
    I GBP Acc
    Bid price
    87.44p
    Offer price
    92.48p
    Absolute change
    0.0013
    Currency
    GBP
    Price time
    12:00 UK time
    Name
    I GBP Inc
    Bid price
    54.93p
    Offer price
    58.09p
    Absolute change
    0.0008
    Currency
    GBP
    Price time
    12:00 UK time
    Name
    F GBP Acc
    Bid price
    82.10p
    Offer price
    86.83p
    Absolute change
    0.0012
    Currency
    GBP
    Price time
    12:00 UK time
    Name
    F GBP Inc
    Bid price
    54.46p
    Offer price
    57.60p
    Absolute change
    0.0008
    Currency
    GBP
    Price time
    12:00 UK time
    Name
    R GBP Acc
    Bid price
    76.41p
    Offer price
    80.82p
    Absolute change
    0.0011
    Currency
    GBP
    Price time
    12:00 UK time
    Name
    R GBP Inc
    Bid price
    52.19p
    Offer price
    55.19p
    Absolute change
    0.0007
    Currency
    GBP
    Price time
    12:00 UK time
    Name
    C GBP Acc
    Bid price
    91.26p
    Offer price
    96.52p
    Absolute change
    0.0014
    Currency
    GBP
    Price time
    12:00 UK time
    Name
    C GBP Inc
    Bid price
    57.10p
    Offer price
    60.39p
    Absolute change
    0.0009
    Currency
    GBP
    Price time
    12:00 UK time
    Name
    L GBP Acc
    Bid price
    49.60p
    Offer price
    52.46p
    Absolute change
    0.0008
    Currency
    GBP
    Price time
    12:00 UK time
    Name
    L GBP Inc
    Bid price
    55.08p
    Offer price
    58.26p
    Absolute change
    0.0008
    Currency
    GBP
    Price time
    12:00 UK time
    Name
    Feeder GBP Acc
    Bid price
    91.58p
    Offer price
    96.86p
    Absolute change
    0.0015
    Currency
    GBP
    Price time
    12:00 UK time
    Name
    Feeder GBP Inc
    Bid price
    53.36p
    Offer price
    56.43p
    Absolute change
    0.0009
    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.

    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.