UBS (PROPERTY) - PERFORMANCE REPORT
To receive a presentation from UBS.
Minutes:
Howard Meaney, Head of Real Estate UK & Senior Portfolio Manager and Jonathan Hollick Assistant Portfolio Manager, UBS Triton attended the meeting to advise the Committee on the fund’s performance.
The Fund was valued at £783m with a net initial yield of 4.81%, with the Fund’s investment being approximately about £33m.
The Committee noted that quarter 4 performance recorded a total return of 2.31%. The Fund had outperformed its benchmark over one, two and three-year periods as at quarter 4, 2016. This resulted in a 3.8% annual distribution yield.
The Committee was informed of the following key activities and transactions that indicated satisfaction with performance to date and the prospects for the future:
· Income focused, with forecast distribution yield of 4.7% in 12 months
· Dominant assets in growth locations with long-term embedded asset management potential
· Very high-quality and diversified investment portfolio with strong tenant and lease profiles
· Bias towards forecast growth sectors: industrial/logistics, retail warehousing and student accommodation
· Experienced and stable team
· Best-in-class corporate governance
· Leading "Green Star" fund in GRESB 2014, 2015 and 2016 real estate assessments
The Committee thanked UBS Triton representatives on the performance of the Real Estates and Private Markets.