View more on these topics

F&C property trusts outperform

The 122m Isis Property Trust lost 5.5% over the first quarter of 2009, outperforming its benchmark, the FTSE All-Share index.

IRP Property Investments, a second trust formerly known as Isis Property Trust 2, lost 4%.

The FTSE All-Share was down 9.08% over the quarter, while the Investment Property Databank Monthly index lost 7.1%.

F&C, which runs the trusts, said the decline in the commercial property market had slowed compared with the last quarter of 2008.

According to Trustnet, shares in the Isis Property Trust now trade at a discount of 19% and in IRP Property Investments at a discount of 23.8%. The group said loan-to-value ratios were a 24.2% for the Isis Property Trust and 30.6% for IRP Property Investments.

IRP Property Investments benefited from selling an office building at 48/49 St James Street, London SW1, for 16m, generating an initial net yield of 4.35% and above the propertys December valuation of 14.35m, the group said.

Dividends on both trusts will be maintained at their current quarterly rate of 2.0p per share for Isis Property Trust and 1.8p for IRP Property Investments barring unforeseen circumstances.

Ian McBryde, who manages both trusts, said in a statement, There have been some key investment transactions completed over the last quarter with a number of investors, mainly equity backed and not reliant on finance, identifying opportunities to purchase property at attractive yields with secure income streams. It may be too early to call a recovery in the market but it does signal that there is investor appetite for commercial property.


Schroders’ profits halved

Schroders saw its pre-tax profit fall by 54% on a yearly basis in the first quarter of 2009, from £77.9m in the first quarter of 2008 to £36.1m this year before tax and exceptional items.However, its retail asset management division saw net inflows of £200m, a turnaround from outflows of £3.1 billion in the fourth […]


News and expert analysis straight to your inbox

Sign up


    Leave a comment


    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm