www.savillsim.com ECONOMIC
OVERVIEW 2 ECONOMIC GROWTH AND PROPERTY RETURNS
GDP GROWTH RATE (%) IPD UK ALL PROPERTY INDEX TOTAL RETURN (%)
2.0 10.0 January 20172018 January 20172018 1.8 9.0
1.6 8.0
1.4 7.0
1.2 6.0
1.0 5.0
0.8 4.0
0.6 3.0
0.4 2.0
0.2 1.0
0.0 0.0 2017 2017 2018 2018 2017 2017 2018 2018 forecast first estimate forecast forecast forecast provisional forecast provisional
Sources: ONS, MSCI, Consensus Economics
3 GLOBAL RANKINGS
Sources: Internet searches, Savills Investment Management
4 UK PROPERTY YIELD SPREAD
12 11 December 2017: 4.8% spread 10 9 8 7 6 5 4 30 year average = 2.3% 3 2 1 0 -1 -2
-3
1992 2003 1987 1988 1989 1990 1991 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
Spread All Property equivalent yield Gilt yield Average
Source: Bloomberg, MSCI (formerly, IPD)
5 UK COMMERCIAL PROPERTY LOAN-TO-VALUE RATIO
600 33% LTV
500
400 80% LTV
300 £ billions £
200
100
0
2002 2000 2001 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
Debt secured by commercial property Equity
Source: De Montfort University, MSCI (formerly, IPD) 6 UK PROPERTY CYCLES
100 100 IPD UK All Property Capital Growth Index (1987 to 2000) 95 90
90 80
85
70 80 IPD UK All Property Capital Growth Index (2007 to 2017) 60 75
70 50 1 13 25 37 49 61 73 85 97 109 121 133 145 No. of months late '80s/early '90s (LHS) '07-17 (RHS)
Source: MSCI
7 HAVE I GOT NEWS FOR YOU… HEADLINES
Smartphone users worldwide Councils’ estates
Amazon.com, Inc America First followed by China
1400
1300
1200
1100
1000
900
800
Amazon.com, Inc.
Source: Bloomberg
9 ODD ONE OUT ROUND
Salvator Mundi Walkie Talkie
The Peak, Hong Kong Pink Star
10 SELLING THE FAMILY…CHINA
Key overseas investments 2017 Battersea powering ahead
Price Street Yield Purchaser Vendor (millions) £1.6bn LKK Health Products 20 Fenchurch Street £1,282.5 3.40% Landsec Plc Group 122 Leadenhall Street £1,150 3.50% C C Land British Land Plc
78 Cannon Street £485 4.40% DEKA Immobilien Hines UK
35-50 Rathbone Place £435 4.25% WestInvest Great Portland Estates
20 Canada Square £410 5.20% CheungKei Group Brookfield Kingboard 15 CanadaSquare £400 - KPMG Investments 2 & 3 Bankside £310 4.94% Deutsche AM M&G Real Estate ‘Walkie Talkie’ and ‘Cheesegrater’ 20 Gresham Street £300 4.00% China Resources Land AXA REIM
One Kingdom Street £292 4.86% C C Land Cityhold Property AB
Lacon, Theobalds Road £285 4.48% Al Ain Properties Blackstone £1.15bn Tenacity Group Hong Legal & General 70 Gracechurch Street £271 4.40% Kong Property £1.3bn 5 Churchill Place £270 5.20% Cheung Kei Group Said Holdings Ropemaker 240 Blackfriars Road £266 3.94% Al Gurg Partnership Ampersand, 180 £260 2.93% Emperor International Peterson Group Wardour St. 33 Old Broad Street £258 3.80% SEA Holdings Ltd Evans Randall
160 Aldersgate Street £220 4.50% Union Investment RE Castleforge Partners 11 STRATEGY OUR PHILOSOPHY
5 1 4
2 3 8
KEEP CALM AND 7 STAY UNDER THE RADAR 6 9
13 Source: Savills Investment Management (December 2017) OUR PHILOSOPHY
1. Target supply-constrained towns with tight planning regimes
2. Target up-and-coming growth locations
3. Buying under the institutional radar
4. Be counter-cyclical
5. Target less fashionable lot sizes
6. Building critical mass through multiple small acquisitions
7. Fund developments, but only to access the quality and benefit from a discount
8. Keep voids to a minimum
9. Maintain a tail of smaller assets for liquidity
14 LOOK TO THE EAST
15 BUILDING CRITICAL MASS…
16 Leeds (Normanton) DIVERSIFICATION & LIQUIDITY
5.0% Largest 10 assets: 30% of portfolio
4.0%
3.0%
Largest 20% of assets: 50% of portfolio
2.0% % size of each assetof eachsize % Smallest 30% of assets: 10% of portfolio
1.0%
0.0%
Bath
Bath Bath Bath Bath
Barnet
Oxford Oxford
London London London London London London London London
Brighton Brighton
Brighton Brighton
Harrogate Harrogate
Mansfield Mansfield
Harrogate Harrogate Harrogate
Greenwich
London N1 London
Gateshead Cambridge
London E1 E1 London
London N1 N1 London
London EC1 London EC2 London EC2 London
London NW9 London
London WC2 London NW5 London London SE15 SE15 London
A ‘long tail’ provides liquidity
17 SUSTAINABLE STRATEGY AND TECHNOLOGICAL ADAPTABILITY
18 SUSTAINABLE STRATEGY AND TECHNOLOGICAL ADAPTABILITY
6 8 2
5 4 3
1 7
19 Source: Savills Investment Management (December 2017) SUSTAINABLE STRATEGY & TECHNOLOGICAL ADAPTABILITY
1. Focus on sectors with limited physical obsolescence
2. Limit physical obsolescence in the office sector
3. 60% of the portfolio has obvious alternative uses
4. We like assets where tenants invest for you
5. Our industrial units are generally small average size – wider tenant pool
6. Transport and infrastructure improvements
7. Winning towns and cities – capitalise on excellent local knowledge
8. Placemaking
20 PLACEMAKING
21 Bath UK POPULATION DISTRIBUTION
Source: Marc Khachfe WEIGHTED UK POPULATION DISTRIBUTION
Source: SASI / PA A HIGHLY RESILIENT QUALITY PORTFOLIO
1,980 89% negligible or 43% investors low risk in Bath, tenants Brighton, Oxford, Cambridge, Harrogate and 41% London fixed or RPI linked income 33% of properties sub £5 million
5.5% 13 vacancy years average rate 50% unexpired distribution & lease term alternatives
Source: Savills Investment Management (December 2017) THE SECTORS 25 OFFICES CENTRAL LONDON
Global yields Core City Pipeline
Source: JLL Source: Colliers
City take up and vacancy West End take up and vacancy
9.0 18% 6.0 9% 8.0 16% 8% 5.0
7.0 14% 7%
6.0 12% 4.0 6% 5.0 10% 5% 3.0 4.0 8% 4%
2.0 3% Rate Vacancy Sq ft (million) ft Sq
3.0 6% Rate Vacancy Sq ft (millions) ft Sq 2.0 4% 2% 1.0 1.0 2% 1%
0.0 0%
0.0 0%
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
Take-up Take-up (LT Avg) Q4 Vacancy Rate Take-up Take-up (LT Avg) Q4 Vacancy Rate
Source: Savills Source: Savills
27 CENTRAL LONDON
28 THE SMITHSON
29 IMPROVING QUALITY & REDUCING RISK
ACQUIRED
Wolverhampton Brighton
. Acquired for £1.0 million in December 2009 . Adjacent to Brighton railway station . Large surrender premium from previous tenant . Low rents of £17 psf . Sold for £1.375 million . Residential values double that of offices . IRR of 18.3% per annum since purchase . £11.2 million, 6.5%
Low rents, strong location and underpinned by alternative uses
30 Source: Savills Investment Management (December 2017) INDUSTRIAL & DISTRIBUTION ROBUST DEMAND DRIVERS
Ecommerce fuelling need for depots A tale of two property companies
600 450 550 400 500 450 350 400 300 350 300 250 250 200 200 150 150
SEGRO Share Price (LH axis) INTU Share Price (RH axis)
Source: Bloomberg
Amazon leaves rivals behind in warehouse ONS manufacturing index at highest level since expansion 2008 108 106
104
102 100 98 96
94 Manufacturing Index Manufacturing 92
90
17
-
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 Nov
Source: ONS 32 CONTINUED LOW SUPPLY
. 3.2m sq ft 100 25% . Units of 10,000 -160,000 sq ft
90 . Average 87,000 sq ft . Average rent of £4.72 psf 80 20% . Average capital value £80 psf
70
60 15%
50 Sq ft Sq (million) 40 10% Vacancy Rate
30
20 5%
10
- 0% 2009 2010 2011 2012 2013 2014 2015 2016 2017
Supply Vacancy rate
Source: Savills
33 TRADING PLACES
ACQUIRED
iForce, Redditch Wednesbury, Birmingham
. Lease extended in 2017 for a further 10 years . Excellent location close to J9 of the M6 . Sold to a UK institution for £25.15 million, 5.35%, . Let for a further 7.25 years to AF Blakemore reflecting £100 psf . Low rent of £4.80 psf . Capital growth of 65% and an IRR since purchase of . Acquired for £4.0 million, 7.45%, reflecting £60 psf 17.3% per annum
34 Source: Savills Investment Management (December 2017) RETAIL WINNERS & LOSERS
Supermarket Share – 12 weeks to December 2017 ASOS v M&S
650 8,000 600 550 6,000 500 4,000 450 400 2,000 350 300 0 250
200 -2,000
2011 2012 2013 2014 2015 2016 2017 2018
M&S Share Price (LHS) ASOS Share Price (RHS)
Source: Kantar Source: Bloomberg
Online retailers fuelling retailing warehouse Winners & Losers of 2017 alternative use
36 RETAIL WAREHOUSING – THE PORTFOLIO
Top 10 tenants by income . 21.4% of the Fund . 961,000 sq ft . 72 acres . Average rent UK: £12.95 psf . Average rent in London & SE: £20 psf . Average lease length:13 years
0% vacancy versus 5.3% nationally!
37 DISCOUNT RETAIL – SHOPPING FOR VALUE
ACQUIRED ACQUIRED
Gateshead, Metrocentre Bury St Edmunds
. Adjacent to Metrocentre and Ikea . Strong performer in excellent South East location . Let to Tesco, sublet to The Range and Sports Direct . 12.5 years unexpired . 31.5 years unexpired with 16.5 years to break . Underpinned by numerous alternative uses . £33.7 million, 5.85%, rising to 6.6% in August 2018 . £4.3 million, 6.9%
Long leases, low rents and quality locations 38 ALTERNATIVES LONG, SECURE & INDEX LINKED
Size of Market Diversified income streams
£16 32%
£14 28%
£12 24%
£10 20%
£8 16%
£6 12%
Market Share Market Investment Investment (Billions) £4 8%
£2 4%
£0 0%
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
Alternative Investment Volumes (LHS) % of total UK Investment Volumes (RHS)
Source: JLL
40 AUTOMOTIVE
Chigwell Solihull
Harrogate Harrogate
ACQUIRED
41 ACCOMMODATION
Cambridge Brighton
Poole Oxford
ACQUIRED
42 ASSET MANAGEMENT FUNDING & DEVELOPMENTS
Office - The Smithson Industrial – Bury St Edmunds
Retail - Greenwich Alternatives - Bath
44 ESG
60
Efficiency upgrades 50
50 . LED lighting Electric vehicle . BMS optimisation charging points 40 . All retail parks 41
. Multi-let offices 37
30 29
UNPRI score increased 20 22 Green from B to A energy landlords 10 supplies
AMR / Smart meters 0 improvement in GRESB 2013 2014 2015 2016 2017 score Overall Global Real Estate Sustainability Benchmark score
45 RENT REVIEWS – THE ONLY WAY IS UP
Distribution London Office Industrial +£43,880 +66% +46% open market review open market reviews + £95,069 pa
Automotive Supermarket +£44,490 Hotel five yearly RPI indexation +£ +£94,000 189,631 annual indexation five yearly RPI indexation
Motorway Service Area Retail Warehouse +£117,750 five yearly indexation +24% open market review THE FUND LARGE & DIVERSIFIED
1,400 2,000
£1,256 1,800 1,200 £1,102 1,600 £1,053
1,000 1,400 £864
1,200 800
1,000 £627 600 800 £492
£461 of investors Number NAV (GBP) Millions (GBP) NAV £389 600 400 £300 400
200 200
0 0
09 10 11 12 13 14 15 16 17
09 09 10 10 11 11 12 12 13 13 14 14 15 15 16 16 17 17
09 10 11 12 13 14 15 16 17
------
------
------
Jun Jun Jun Jun Jun Jun Jun Jun Jun
Mar Mar Mar Mar Mar Mar Mar Mar Mar
Dec Dec Dec Dec Dec Dec Dec Dec Dec
Sep Sep Sep Sep Sep Sep Sep Sep Sep NAV (LHS) No. of investors (RHS)
Source: Savills Investment Management (December 2017) 48
10 YEARS AGO…
Biggleswade Midsomer Norton
Stevenage
Sunderland
Stevenage
Worthing
49 10 YEARS ON…
Farringdon, EC1 ACQUIRED
Cambridge
Greenwich
Brighton
London, N1
50 THE ’S KNEES…
Bath
Barnet
Bristol – Kuehne & Nagel
BurtonBurton upon Trent
Burton upon Trent Brighton
Farringdon, EC1
Bristol – Whiteladies Road
51 DIVIDEND GROWTH
8
7
+10%
6
per unit) unit) per
5 Pence
4
Payment ( Payment
3
Distribution 2
1
0 2012 2013 2014 2015 2016 2017 2018*
Source: Savills Investment Management (January 2018) 52 FUND LEVEL PERFORMANCE – TOTAL RETURN
17.3 18 17.2 16
14 12.3 12.5 12 11.4
11.2 10.2 10.2 10.0 9.5 10 9.1 8.8 8 6.4 6.0
% per annum per % 6 3.8 4 3.0 2.8 2 0.2 0 2012 2013 2014 2015 2016 2017 3 years 5 years 10 years (per annum) (per annum) (per annum)
The Charities Property Fund All Balanced Property Funds
Top performing All Balanced fund over the last 10 years
Source: AREF / MSCI 53 FUND LEVEL PERFORMANCE – TOTAL RETURN
17.3 18 17.2 16
14 12.3 12.5 12 11.4
11.2 10.2 10.2 10.0 9.5 10 9.1 8.8 8 6.4 6.0
% per annum per % 6 3.8 4 3.0 2.8 2 0.2 0 2012 2013 2014 2015 2016 2017 3 years 5 years 10 years (per annum) (per annum) (per annum)
The Charities Property Fund All Balanced Property Funds
Top performing All Balanced fund over the last 10 years
Source: AREF / MSCI 54 KEY STATISTICS – LAST 5 YEARS
Projected dividend NAV
No. of properties +155% +10% +63% +54% Investor base +41% +34% Average unexpired Unit Price lease term
+7% Income secured against low & negligible risk covenant Leases benefiting from fixed 43% increases fall in vacancy rate +124% APPENDICES
Supplementary market and Fund information
The Charities Property Fund team
The Advisory Committee
Contact details
56 THE FUND – SECTOR WEIGHTINGS
Retail Offices Industrial Alt’s Cash 30%
25%
20%
15%
10% % of fund of % 5%
0%
CPF December 2017 All Balanced Property Funds December 2017
Purposeful bias towards Industrials and Alternatives
Source: AREF, MSCI, Savills Investment Management 57 THE FUND – INVESTMENT BY CHARITY CATEGORY
Source: Savills Investment Management (December 2017) 58 THE CHARITIES PROPERTY FUND TEAM
59 THE CHARITIES TEAM
Harry de Ferry Foster is the Fund Director for The Charities Property Fund with responsibility for all aspects of the management of the Fund and for ensuring the Fund fulfils its objectives. He has held this post for the last 10 years.
Day to day, Harry’s role encompasses setting the strategic framework of the portfolio, equity raising, investor relations and marketing, sourcing property investments and investing new subscriptions and managing the Fund team.
Harry is a Senior Director of Savills Investment Management which he joined over 14 years ago and has a seat on the UK Management Committee and the Investment and Risk Committee.
Harry started his career at Cushman & Wakefield (formerly Healey & Baker) and occupied a variety of investment agency roles before assisting with the establishment of their Fund Management team in 1998.
Harry is RICS qualified and has 20 years experience in property investment and fund management. Harry completed the Investment Management Certificate (IMC) exams in 2003.
60 THE CHARITIES TEAM
Angy Benitz is the Fund Manager for the Charities Property Fund. Angy's primary role involves asset acquisition and disposal together with adopting portfolio and fund management initiatives. Angy joined Savills Investment Management in September 2010 from DTZ where he spent 8 years in a variety of advisory roles with an emphasis on investment agency representing a range of clients on acquisition and disposal transactions of commercial real estate within the UK. Angy graduated from Oxford University in 2001 before joining DTZ and becoming RICS qualified in 2005.
Jim Garland joined the Savills Investment Management investment team in 2009 where he worked as an analyst in research and strategy contributing to the creation of house views, fund reporting and ad hoc research assignments. Jim moved across to the Charities Property Fund team in 2014. As a portfolio analyst, Jim supports the portfolio managers with asset management initiatives, acquisitions and disposals. Prior to joining Savills Investment Management Jim worked at a healthcare strategy and marketing consultancy. Jim graduated from UCL in 1999 with a degree in Biotechnology and gained an MSc in Real Estate at Cass Business School in 2009. Jim is RICS qualified and has completed the Investment Management Certificate (IMC) exams.
61 THE CHARITIES TEAM
Maggie McQuaid is Assistant Portfolio Manager for the Charities Property Fund. Her day to day role involves asset acquisitions and disposals together with the execution of asset management initiatives. Maggie graduated from the University of Ulster in 2011 with a degree in Property Investment & Development. She worked for MSCI for over a year following her degree after which time she joined the Savills Graduate Scheme in 2013. She spent time in hotel valuations, retail investment, property management, commercial valuations and Savills Investment Management prior to becoming RICS qualified in October 2015. Following qualification she worked in a hotel valuation advisory role at Savills prior to joining Savills Investment Management in October 2017.
Lucy MacEwan is the Marketing assistant for the Charities Property Fund, responsible for the ongoing marketing of the Fund including updating the website and presentation support. She is also responsible for investor communications, fund dealing, reporting and event management.
Lucy graduated from University of Exeter in 2016 with a degree in BA Anthropology.
62 THE CHARITIES TEAM
Tammy Thomas is the Finance and Operations Manager responsible for financial reporting and analysis, and administrator management. Tammy joined Savills Investment Management from KPMG in the Cayman Islands where she worked in the audit practice with a focus on the alternative investment industry. Previously she completed her chartered accountancy training with Deloitte in London within the real estate team. Tammy graduated from the University of Western Australia in 2004 where she studied Accounting and Corporate Finance.
Natalie Chrimes is the Assistant Fund Finance Manager, working in conjunction with the Fund Finance Manager to prepare financial analysis and reporting, and maintain service provider relationships. Natalie joined Savills Investment Management in December 2016 from Ernst & Young where she completed her chartered accountancy qualification (ACA) and worked within the Real Estate, Hospitality and Construction audit practice. Natalie graduated from the University of Warwick in 2013 where she studied French language, literature and politics.
63 THE CHARITIES TEAM
Lucy Auden works alongside Amy dealing in investor queries, applications and redemptions and fund reporting for the Charities Property Fund. Lucy joined Savills Investment Management Investor Relations team in April 2012 and is responsible for fund reporting and investor communications for a number of UK and pan-European Savills Investment Management funds and segregated mandates. Lucy also sits on the Environmental and Social Governance Committee as well as Savills Investment Management Charitable Giving Committee. Prior to joining Savills Investment Management, Lucy worked in a client facing role as a Corporate Account Executive at Number One Health, a private health company specialising in corporate medicals, and then as PA to the CEO of an international executive financial search firm, Execuzen Ltd. Lucy graduated from King's College, London, with a degree in English Language and Literature.
Shalin Syan joined the Savills Investment Management Investor Relations team in August 2016 and is responsible for fund reporting and investor communications for a number of UK and pan- European Savills Investment Management funds and segregated mandates. Shalin also provides support for the Charities Property Fund. Prior to joining Savills Investment Management, Shalin worked as a Mergers and Acquisitions Associate at Colville Partners, a corporate finance boutique focused on the renewable energy sector. She has also held internships with other corporate finance boutiques in the City. Shalin graduated from King's College, London, with a degree in Mathematics with Management and Finance.
64 ADVISORY COMMITTEE
Malcolm Naish (Chair) is a member of the Advisory Panel and Board at Greenwich Hospital. Since June 2012 he has also been Director of Aurora Europe Property Fund and Chairman of Target Healthcare Reit Ltd. Prior to this Malcolm was Director of Real Estate at Scottish Widows Investment Partnership with overall responsibility for the management of 14 property funds having a combined value in excess of £8 billion.
Previously Malcolm was Director and CEO of the FSA Regulated entity at DTZ Investment Management and Co-founder, Director and Shareholder at Fountain Capital Partners. He began working as a general practice surveyor at GVA Grimley in 1971 before moving to Jones Lang LaSalle in 1981.
65 ADVISORY COMMITTEE
Paul Taylor has over 25 years of property fund management experience as Head of UK Direct Property Investment at Schroder Property Investment Management and prior to that working at Merrill Lynch Investment Managers. Most recently Paul held the position of Director of Property at St John’s Hospital, Bath. Within this role Paul had overall responsibility for the property that made up their endowed estate and which generates the income that allows the charity to continue to provide its almshouse accommodation and its provision of grants. Paul brings to the role a personal enthusiasm for historical architecture with a particular interest in Georgian buildings.
Nick Downer has been Bursar of Selwyn College, Cambridge since August 2002. He also serves on the Finance Committee of the University, as a Trustee of the Cambridge Colleges' Federated Pension Scheme and is a former Chairman of the University Board of Scrutiny. Prior to joining Selwyn, he spent over 20 years as an investment banker advising international corporate clients on initial public offerings, privatisations and other forms of debt and equity capital raising.
66 ADVISORY COMMITTEE
Richard Robinson is the Investment Director of the Paul Hamlyn Foundation, a £550m endowment fund which was established by the publisher Paul Hamlyn in 1987. It helps young people, principally in the UK, achieve their potential and operates in the areas of performing arts, education and social justice. Previously Mr Robinson was head of Charities and Foundations at Schroders plc, one of the largest fund managers in the UK. He began working in investment management in 1982 and has a masters degree in Theology from Oxford University.
Andrew Chapman has developed a portfolio of roles including working part-time as the CIO for The Health Foundation and membership of the Global Investment Advisory Committees for T.Rowe Price, the Coller Capital Investment Advisory Committee, and the Charity Property Fund Investment Advisory Committee. He is also a non-exec director of Quiznos and Steadfast Financial and a Special Advisor to Campbell Lutyens. Andrew first became a fund manager in 1978. In 1984 he was appointed the Deputy Investment Manager at the British Aerospace Pension Fund. From 1991 to 2000 he was the CIO at United Assurance plc. Andrew joined Hewitt Associates as a Senior Consultant in 2001 before being appointed as the first in-house Pension Investment Manager for the John Lewis Partnership.
67 ADVISORY COMMITTEE
Aidan Kearney is the Chief Investment Officer of The Health Foundation, an independent charity committed to bringing about better health and health care for people in the UK. He is responsible for the management of the Foundations endowment fund having spent over 35 years in the capital markets most recently at Aberdeen Asset Managers where he sat on the Group Regulatory Board as well as the Aberdeen Solutions Global Strategy Group and Alternatives Strategy Committee, and prior to that at Credit Suisse and Artemis Investment Management. He is an experienced multi-asset fund manager understanding investment processes across a broad spectrum of asset classes, alongside portfolio construction and the application of risk management.
Alan Fletcher has held a variety of roles in the Church of England both at local and national church level, and in 2014 started his second 6 year term as a member of the Church of England Pensions Board where he chairs the Housing Committee and is a member of the Investment Committee. Alan has significant experience in financial services and investment management having been Managing Director of a Leicester based pensions brokerage in the 1980’s and Chairman of the Neville James Group of Companies . Alan has been a non-executive director on the Group Board of the Paragon Group of Companies plc since February 2009 and is a member of the Risk Committee, Nominations Committee and Audit Committee and Chair of the Remuneration Committee. He is also a Trustee Director of the defined benefit pension scheme for Paragon.
68 CONTACT
The Charities Property Fund For property related information: Harry de Ferry Foster c/o Savills Investment Management 33 Margaret Street For fund and unit holder related information: Lucy MacEwan London W1G 0JD Tel: 020 3107 5439 Fax: 084 5409 1281 E-mail: [email protected]
IMPORTANT NOTICE
This Report is issued by Savills Investment Management (UK) Limited, registered in England number 03680998, which is authorised and regulated by the Financial Conduct Authority Number 193863 and is a subsidiary of Savills Investment Management LLP, a limited liability partnership registered in England Number OC306423. Savills Investment Management LLP is authorised and regulated by the Financial Conduct Authority Number 615368. The registered office of both entities is at 33 Margaret Street, London, W1G 0JD. A list of members of Savills Investment Management LLP is available from the registered office. The Charities Property Fund is a registered charity, number 1080290. Property is not a financial Instrument defined by the Market in Financial Instrument Directive under European regulation; consequently, the directive investment into and the management of property is not regulated by the Financial Conduct Authority.
This document is provided for information purposes only and may not be reproduced in any form without the express permission of Savills Investment Management. The opinions expressed here represent the views of the fund managers at the time of preparation and should not be interpreted as investment advice. This report is aimed at existing investors in the Fund but it may also be distributed to prospective investors.
The value of property is generally a matter of a valuer’s opinion rather than fact. Please remember that past performance is not necessarily a guide to future performance. The value of an investment and the income from it can fall as well as rise and investors may not get back the amount originally invested. Taxation levels, bases and (if relevant) reliefs can change. Changes in the rates of exchange between currencies may also cause the value of your investment, or the income from it, to fluctuate. Property can be difficult to sell and it may be difficult to realise your investment when you want to.
69