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SLI’s UK property PAIF joins Transact platform


Standard Life Investments’ UK Property PAIF (Property Authorised Investment Fund) has been added to the Transact platform.

The Transact platform is one of the few which has the functionality to support the PAIF structure which enables tax exempt investors to receive income from the fund gross of the 20 per cent corporation tax previously applied to income.

Standard Life Investments UK Property Fund, which this month broke through the GBP500m assets under management mark, converted to a PAIF in August of this year. The fund has outperformed the majority of its competitor funds over the last three years3 investing primarily in UK commercial property with the aim of providing a return from capital appreciation and income over the longer term. In addition, the fund currently offers an attractive forecast distribution yield of circa 4.5 per cent for qualifying investors.

Nigel Chapman, manager of the Standard Life Investments UK Property Fund, says: “Strong investor flows into the Fund this year correlate well with our research team’s recently upgraded forecasts for UK commercial real estate which anticipate returns of c. 9.5 per cent per annum from the market over the next three years. Using our Focus on Change investment philosophy, the revisions are underpinned by stronger economic fundamentals, improved tenant activity, a continued constrained supply pipeline, positive investor flows and some improvements in debt availability. Rental growth, which has been absent from real estate markets in the last five years, is now emerging in a number of sectors and locations.

“We expect significant performance generation for the fund over the next six months or so as the sector adjusts to an improving economic environment and more investors are attracted to the dual income and capital characteristics of the asset class. The fund’s acquisition strategy will be centred around increasing its exposure to the industrial and retail sectors targeting lot sizes of GBP15m to GBP50m, and with signs of an improving occupational market, the fund will increasingly target situations where there are opportunities to add value through pro-active asset management.”

Jonathan Gunby, chief development officer, Transact, says: “We are delighted to be in a position to accept PAIF funds on our platform and allow tax exempt investors to get the full benefit of gross income distributions in their portfolios.”

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