As a closed-ended investment company, we have the following principal investment restrictions:

  • The Company must manage its investments in a manner which is consistent with its published investment policy;
  • Distributable income will be principally derived from investments. Neither the Company nor any member of the Group will undertake a trading activity which is significant in the context of the Group as a whole;
  • Not more than 20% of the Gross Assets of the Company (consolidated where appropriate) will be lent to or invested in the securities of any one company or group (excluding loans to or shares in the Company’s own subsidiaries) at the time when the investment or loan is made; for this purpose any existing holding in the company concerned will be aggregated with the proposed new investment;
  • Dividends will not be paid unless they are covered by income received from underlying investments and for this purpose, a share of profit of an associated company is unavailable unless and until distributed to the Company;
  • The distribution as dividend of surpluses arising from the realisation of investments will be prohibited;
  • The Company will not be a dealer in investments;
  • No single property (including all adjacent or contiguous properties) shall constitute more than 15% of the Gross Assets of the Group;
  • Income receivable from any single tenant, or tenants within the same group, in any one financial year, should not exceed 20% of the total rental income of the Group in that financial year;
  • At least 90% by value of properties held by the Group shall be in the form of freehold or long leasehold properties or the equivalent;
  • The proportion of the Group’s property portfolio which is unoccupied or not producing income or which is in the course of substantial development, redevelopment or refurbishment shall not exceed 25% of the value of the portfolio;
  • The Company shall not retain more than 15% of its net profits, before gains and losses on the disposal of properties and other investments;
  • The Group shall not invest more than 10% of its Gross Assets in residential property. For this purpose, the Board views student and key worker accommodation as commercial property where there is a single overriding lease to a single covenant or a guarantee for a period in excess of one year;
  • The Group shall not invest more than 20% of its Gross Assets in other property investment funds, save for funds wholly owned within the Group; this restriction shall not apply to special purposes vehicles and joint ventures;
  • The Company shall not invest more than 10% of its Gross Assets in real estate derivative instruments, real estate debt or the debt securities of other real estate issuers (excluding debt securities issued by the Company’s own subsidiaries);
  • The Group’s borrowings shall be restricted so that the aggregate principal borrowings outstanding at the time of the drawdown shall not at any time exceed 65% of its Gross Assets.
  • The Company, through it's subsidiaries may provide investment management and advisory services to third party clients in relation to investment in UK, Isle or Man and Channel Islands property. The Group may invest into property funds or alongside other third party clients managed or advised under such arrangements.