Threadneedle Investments has relocated the Sackville Property unit trust from the UK to Jersey, in t...
Threadneedle Investments has relocated the Sackville Property unit trust from the UK to Jersey, in the process converting it to a Jersey unit trust.
The fund, to be called the Threadneedle Property Unit Trust, will be open for subscription from 8 April and seek to invest exclusively in commercial property.
In its previous incarnation, the fund was an unauthorised exempt unit trust and, as such, was only open to UK pensions and charities. Threadneedle hopes the redomiciling in Jersey will broaden the investor base to include professional portfolio managers and high net worth individuals.
The fund is managed by Chris Morrogh. Its annual charge is 1.25%, with 0.5% paid to intermediaries as renewal commission.
The product has no initial charge. Minimum investment for intermediary clients is £25,000 and £250,000 for direct investors. It will carry a high bid-offer spread of 7.5%, reflecting the 4% stamp duty and other costs associated with the buying and selling of property, according to Threadneedle.
Don Jordison, director of Threadneedle Property Investments, said: 'Property is still an attractive asset class. The yield on the IPD Index is 7% higher than the gilt market or investment grade bonds. With active management, this yield can be improved, through rent rises and disposals and acquisitions, which will generate capital growth.'
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