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UK Commercial Property REIT
A diversified portfolio of high quality real estate, built for the future
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Daily prices as of 21 Jan 2022
Share Price 81.30p
Estimated NAV cum income 92.92p
Estimated NAV ex income 93.86p
Dividend Yield 3.1%
Premium / (Discount) to NAV cum income -11.8%
Premium / (Discount) to NAV ex income -12.6%
Read our interim report to 30 June 2021
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Investment Management team
Will Fulton
Will Fulton graduated from the University of Aberdeen in 1987 with a degree in Land Economy when he joined the company, becoming a member of the Royal Institution of Chartered Surveyors in 1990. Throughout his 30 year career he has held a variety of commercial real estate positions gaining multi-disciplinary experience spanning investment, valuation, asset management, debt facility management, development and investor relations both in the UK and across continental Europe. Prior to managing UKCM, he oversaw a team managing the £2.3 billion Standard Life Heritage With Profits Real Estate Fund.
Kerri Hunter
Interim Lead Manager
Kerri Hunter, Interim Lead Manager, graduated from the University of Paisley with a BSc in Land Economics and is a member of the Royal Institution of Chartered Surveyors. Kerri began her 25 year career as a general practice surveyor and joined Scottish Widows Investment Partnership in 2003, following four years at Royal London Asset Management (formerly Scottish Life Assurance Company). During her time with Scottish Widows Investment Partnership, Aberdeen Asset Management and abrdn , Kerri has gained extensive commercial real estate experience in both investment and development working as a Deputy Fund Manager of the £3.4 billion SWIP Property Trust for seven years, becoming a Fund Manager in 2014. Before moving onto UKCM, Kerri was managing three funds on behalf of Lloyds Banking Group, totalling £3.8 billion.
Deputy Fund Manager
Jamie has a BA in History from the University of Strathclyde and graduated from the University of Aberdeen in 2008 with an MSc in Property. He began his career at JLL in Glasgow working in the Capital Markets and Office Agency departments before being appointed an Associate Director with DTZ in the Capital Markets team advising clients on purchases, sales and developments.
Jamie joined the company in 2014 to work as a Portfolio Manager on UKCPT, now UKCP REIT, managing a mixed portfolio of assets throughout the UK as well as undertaking acquisitions and disposals on behalf of the company. In 2018, Jamie was seconded to the company's Paris office to act as Deputy Fund Manager on the European Property Growth Fund, a €900m pan-European mandate. On returning to the UK in 2019, Jamie was appointed Deputy Fund Manager on the Nottinghamshire County Council Pension Fund and latterly HIFML, a UK open-ended balanced Fund, whilst offering support on a further pan-European mandate, the German Heritage With Profits Fund.
Ken McCullagh
Chair of the Board
Ken McCullagh is a resident of Ireland. Since 2000 he has been Chief Executive Officer of LNC Property Group, a private real estate investment company which held and managed €500 million of assets. Previously he worked as a Director and Partner of Corporate Finance for Farrell Grant Sparks, Chartered Accountants and was also a Financial Controller of Gunne Estate Agents (now CBRE) in Dublin. He is a Fellow of the Institute of Chartered Accountants of Ireland. Mr McCullagh was appointed to the Board in February 2013 and, prior to his appointment as Chair on 1 January 2020, was Senior Independent Director and Chair of the Audit Committee.
Michael Ayre
Michael Ayre is a resident of Guernsey. He joined BDO Reads, a Guernsey chartered accountancy practice from the London office of Touche Ross, in February 1987 progressing to his appointment as a tax partner in 1991. Subsequent to the purchase of the fiduciary, investment and taxation divisions of BDO Reads by Banque Generale du Luxembourg in 1999, Mr Ayre was appointed in 2003 as the Group Managing Director of its successor, Fortis Guernsey – a position he held until 2009. He continued to work for its successor business, Intertrust, until June 2019. In addition, until its sale in July 2019 he was a director of ABN Amro (Channel Islands) Limited. Mr Ayre is a fellow of the Association of Chartered Certified Accountants and is also a member of the Chartered Institute of Taxation. Mr Ayre was appointed to the Board in February 2016 and from 1 January 2020 is Chair of the Audit Committee, previously being Chair of the Property Valuation Committee.
Chris Fry
Chair of the Property Valuation Committee
Chris Fry is a resident of the UK. Mr Fry is a Chartered Surveyor with over 20 years' experience in real estate investment management. He is currently Chief Executive Officer of Kingsbridge Estates a privately owned property company, investing and developing across the South of England. Prior to this he worked for 13 years (2005-2018) with LaSalle Investment Management as a Senior Fund Manager, ultimately being responsible for over £3billion of assets under management and for Schroders plc as a Fund Manager (2000-2005). Mr Fry joined the Board on 1 January 2020 and is Chair of the Property Valuation Committee.
Fionnuala Hogan
Chair of the Management Engagement Committee and Nomination Committee
Fionnuala Hogan is a resident of the U.K. Ms Hogan's wide ranging background encompasses over 25 years' experience of investment, corporate advisory, entrepreneurship and financing across various sectors including real estate, technology and the creative industries. Previous senior roles include at Kleinwort Benson, KPMG, enba and most recently Hypo Real Estate, where she spent 10 years, including as Joint Head of Global Workout.
Ms Hogan currently heads early-stage venture investing at Goldacre Ventures, an early stage VC and is creator and Head of Relab, an ecosystem of entrepreneurs, corporates and investors focused on scaling innovation in the built world.
Ms Hogan is a member of the Growth Advisory Board for IMI plc and a Trustee of East London Dance and of Brixton House. She was previously a Trustee of the Southbank Centre and of Tomorrow's Warriors. Ms Hogan was appointed to the Board on 5 August 2021.
Margaret Littlejohns
Chair of the Risk Committee
Margaret Littlejohns is a resident of the UK. Ms Littlejohns has 18 years' experience with Citigroup in investment and commercial banking, with specific expertise in risk management (both market and credit risk). Between 2004 and 2006, following an MBA at Imperial College, she co-founded two start-up ventures providing self storage facilities in the Midlands and acted as Finance Director until the businesses were successfully sold to a regional self storage chain in 2016. She is also a Non-Executive Director of Foresight VCT plc and the Chair of Henderson High Income Trust plc. Ms Littlejohns was appointed to the Board on 1 January 2018.
Year End 31 December
Accounts Published April
Annual General Meeting June
Dividend Paid February, May, August, November
Trust details
Trafalgar Court
GY1 3QL
Launch Date: 2006
Northern Trust International Fund Administration Services (Guernsey) Limited
St Peter, Port Guernsey
Marketing Advisors
JP Morgan Cazenove
E14 5JP
FTI Consulting
200 Aldersgate
Aldersgate Street
EC1A 4HD
The value of investments and the income from them can go down as well as up and you may get back less than the amount invested. Please refer to the relevant Key Information Document (KID) prior to making an investment decision. Please be aware of scams that can affect investors.
UK Commercial Property REIT Q&A
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Read the detailed risk warning
NMPI Status
The Company currently conducts its affairs so that securities issued by UK Commercial Property REIT Limited can be recommended by financial advisers to ordinary retail investors in accordance with the FCA's rules in relation to non-mainstream pooled investment products (NMPIs) and intends to continue to do so for the foreseeable future.
The Company's securities are excluded from the FCA's restrictions which apply to non-mainstream investment products because the company would qualify as an investment trust if the company were based in the UK.
Pre-investment Disclosure Document (PIDD)
The Alternative Investment Fund Manager Directive ("AIFMD") requires Aberdeen Standard Fund Managers Limited, as the alternative investment fund manager of UK Commercial Property REIT, to make available to investors certain information prior to such investors' investment in the Company.
The AIFMD is intended to offer increased protection to investors in investment products that do not fall under the existing European Union regime for regulation of investment products known as "UCITS".
Read the PIDD for UK Commerical Property REIT
Aberdeen Asset Managers Limited is authorised and regulated by the Financial Conduct Authority in the United Kingdom. The information contained in this website does not constitute an offer of, or an invitation to apply for securities in any jurisdiction where such an offer or invitation is unlawful, or in which the person making such an offer is not qualified to do so. Aberdeen Asset Managers accepts no responsibility for the content of any external web sites.
ABERDEEN ASSET MANAGERS LIMITED: 10 Queens Terrace, Aberdeen, Aberdeenshire, AB10 1XL Company No. SC108419