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BCAM constructs property investment trust

BC Asset Management&#39s property income and growth fund is a split-capital

investment trust that invests in commercial property. It consists of

ordinary shares, zero-dividend preference shares and bank debt.

The aim is to provide ordinary shareholders with a high level of monthly

income and other shareholders with a predetermined capital return on May

31, 2009.

The backbone of the investment trust is the property portfolio – covering

the office, industrial, warehousing, retail and retail warehousing sectors

– which accounts for 75 per cent of the fund. Properties which have not

already been let will not be considered as part of the portfolio.

The remaining 25 per cent is invested in an income portfolio containing

geared ordinary shares of investment trusts, corporate bonds and equities.

The split-capital structure gives investors a chance to focus on income,

growth or a combination of the two. Commercial property could be an

attractive area for investors because it is not as volatile as investing

directly in equities.

According to Standard & Poor&#39s, the capital shares, income shares and

geared units of BC Asset Management&#39s Yeoman split-capital investment trust

are bottom-quartile while the zero-dividend preference shares are

top-quartile, based on £1,000 invested on a mid-to-mid basis with net

income reinvested over one year to May 21, 2001.

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