Standard Life Investments Property Income Trust Limited


Fund objective

The objective of the Company is to provide shareholders with an attractive level of income together with prospect of income and capital growth.


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Profile

The objective of the Company is to provide shareholders with an attractive level of income together with the prospect of income and capital growth. The Board intends to achieve the investment objective by investing in a diversified portfolio of UK commercial properties. The majority of the portfolio will be invested in direct holdings within the three main commercial property sectors of retail, office and industrial although the Company may also invest in other commercial property such as hotels, nursing homes and student housing. Investment in property development and investment in co-investment vehicles, where there is more than one investor, is permitted up to a maximum of 10% of the property portfolio. In order to manage risk, without compromising flexibility, the Board applies the following restrictions to the property portfolio, in normal market conditions:

    ▸ No property will be greater by value than 15% of total assets.
    ▸ No tenant (excluding the Government) will be responsible for more than 20% of the Company’s rent roll.
    ▸ Gearing, calculated as borrowings as a percentage of gross assets, will not exceed 65%.

The Board’s intention is that the Company’s loan-to-value (LTV) ratio (calculated as borrowings less all cash as a proportion of property portfolio valuation) will not exceed 45%.

Key people

121037036_Jason Baggaley 166A8222 250x350

Jason Baggaley

Fund Manager

Jason Baggaley manages the Guernsey registered and London-listed Standard Life Investments Property Income Trust. Jason, who joined Standard Life Investments in 1996, also manages a major segregated property mandate. He has 28 years' industry experience and is a Member of the Royal Institution of Chartered Surveyors.
121037036_Oli Lord 166A8312 250x350

Oli Lord

Deputy Fund Manager

Oli Lord is the Deputy Fund Manager on the Standard Life Investments Property Income Trust. Oli joined Aberdeen Standard Investments in 2011 and has 18 years of industry experience and is a Member of the Royal Institution of Chartered Surveyors.
  • Jason Baggaley

    Fund Manager

    Jason Baggaley manages the Guernsey registered and London-listed Standard Life Investments Property Income Trust. Jason, who joined Standard Life Investments in 1996, also manages a major segregated property mandate. He has 28 years' industry experience and is a Member of the Royal Institution of Chartered Surveyors.
  • Oli Lord

    Deputy Fund Manager

    Oli Lord is the Deputy Fund Manager on the Standard Life Investments Property Income Trust. Oli joined Aberdeen Standard Investments in 2011 and has 18 years of industry experience and is a Member of the Royal Institution of Chartered Surveyors.
121037036_Robert Peto 166A8315 250x350

Robert Peto

Chairman

Robert Peto is a UK resident. He is a non-executive director of Lend Lease Europe GP Limited (Retail Fund), Western Heritable Investment Company Ltd and the commercial subsidiary of the Royal Bath & West Society and is non-executive chairman of GCP Student Living Plc. He was Chairman of DTZ Investment Management Ltd until 31 December 2017, Global President of RICS in 2010–2011, a member of the Bank of England Property Advisory Group from 2007 to 2011, chairman of DTZ UK from 1998 to 2008 and a member of the board of DTZ Holdings Plc from 1998 to 2009.

121037036_Mike Balfour 166A8256 250x350

Mike Balfour

Board member

Mike Balfour is a UK resident. He is a member of the Institute of Chartered Accountants of Scotland and was chief executive at Thomas Miller Investment Ltd from 2010 to January 2016. Prior to this, he was chief executive at Glasgow Investment Managers and chief investment officer at Edinburgh Fund Managers Limited. Mike has 30 years of investment management experience and was appointed to the Board on 10 March 2016. He is also a director of Martin Currie Global Portfolio Trust Plc, Perpetual Income and Growth Investment Trust Plc and chairs the Investment Committee of TPT Retirement Solutions.

James Clifton

James Clifton-Brown

Board member

James Clifton-Brown is a UK resident. He joined CBRE Global Investors in 1984 as a fund manager on the Courtaulds Pension Scheme Account (now Akzo NobelPension Scheme) and became the firm’s UK Chief Investment Officer (“CIO”) in 1996. He retired from this role on 30 April 2017. In his role as UK CIO, James had responsibility for the firm’s UK house strategy and risk management as well as client and investor relationship management. Since 2004, he has also been a director on a number of boards relating to CBRE Global Investors Limited. He is a voting member on the USA and European Investment Committees of CBRE Global Investors.

Huw Evans

Huw Evans

Board member

Huw Evans is a resident of Guernsey. He qualified as a Chartered Accountant with KPMG (then Peat Marwick Mitchell) in 1983. He subsequently worked for three years in the corporate finance department of Schroders before joining Phoenix Securities Limited in 1986. Over the next twelve years he advised a wide range of companies in financial services and other sectors on mergers and acquisitions and more general corporate strategy. Since moving to Guernsey in 2005, he has acted as a non-executive director for a number of Guernsey based funds. He is currently Chairman of BH Macro Limited and is also a Director of VinaCapital Vietnam Opportunity Limited.

121037036_Jill May 166A8365 250x350

Jill May

Board Member

Jill May is a UK resident. She is an External Member of the Prudential Regulation Committee of the Bank of England and is also a non-executive Director of Sirius Real Estate Limited, JP Morgan Claverhouse Investment Trust plc, Ruffer Investment Company, and the Institute of Chartered Accountants in England & Wales (ICAEW). Jill was a non-executive director of the CMA from its inception in 2013 until October 2016. Prior to this she spent 25 years in investment banking, 13 years in mergers and acquisitions with SG Warburg & Co. Ltd and 12 years at UBS AG.

Sarah Slater

Sarah Slater

Board Member

Sarah Slater is a UK resident. She is an experienced principal investor and fund manager with a successful performance track record in real estate investment. She is the Chief Executive of The Eyre Estate, a private family trust, a trustee of Dulwich Estate and also holds a number of non-executive positions. During her career, Sarah held senior positions at The Canada Pension Plan Investment Board (CPPIB), ING Real Estate Investment Management (now CBRE GI) and Henderson Global Investors (now THRE).

  • Robert Peto

    Chairman

    Robert Peto is a UK resident. He is a non-executive director of Lend Lease Europe GP Limited (Retail Fund), Western Heritable Investment Company Ltd and the commercial subsidiary of the Royal Bath & West Society and is non-executive chairman of GCP Student Living Plc. He was Chairman of DTZ Investment Management Ltd until 31 December 2017, Global President of RICS in 2010–2011, a member of the Bank of England Property Advisory Group from 2007 to 2011, chairman of DTZ UK from 1998 to 2008 and a member of the board of DTZ Holdings Plc from 1998 to 2009.

  • Mike Balfour

    Board member

    Mike Balfour is a UK resident. He is a member of the Institute of Chartered Accountants of Scotland and was chief executive at Thomas Miller Investment Ltd from 2010 to January 2016. Prior to this, he was chief executive at Glasgow Investment Managers and chief investment officer at Edinburgh Fund Managers Limited. Mike has 30 years of investment management experience and was appointed to the Board on 10 March 2016. He is also a director of Martin Currie Global Portfolio Trust Plc, Perpetual Income and Growth Investment Trust Plc and chairs the Investment Committee of TPT Retirement Solutions.

  • James Clifton-Brown

    Board member

    James Clifton-Brown is a UK resident. He joined CBRE Global Investors in 1984 as a fund manager on the Courtaulds Pension Scheme Account (now Akzo NobelPension Scheme) and became the firm’s UK Chief Investment Officer (“CIO”) in 1996. He retired from this role on 30 April 2017. In his role as UK CIO, James had responsibility for the firm’s UK house strategy and risk management as well as client and investor relationship management. Since 2004, he has also been a director on a number of boards relating to CBRE Global Investors Limited. He is a voting member on the USA and European Investment Committees of CBRE Global Investors.

  • Huw Evans

    Board member

    Huw Evans is a resident of Guernsey. He qualified as a Chartered Accountant with KPMG (then Peat Marwick Mitchell) in 1983. He subsequently worked for three years in the corporate finance department of Schroders before joining Phoenix Securities Limited in 1986. Over the next twelve years he advised a wide range of companies in financial services and other sectors on mergers and acquisitions and more general corporate strategy. Since moving to Guernsey in 2005, he has acted as a non-executive director for a number of Guernsey based funds. He is currently Chairman of BH Macro Limited and is also a Director of VinaCapital Vietnam Opportunity Limited.

  • Jill May

    Board Member

    Jill May is a UK resident. She is an External Member of the Prudential Regulation Committee of the Bank of England and is also a non-executive Director of Sirius Real Estate Limited, JP Morgan Claverhouse Investment Trust plc, Ruffer Investment Company, and the Institute of Chartered Accountants in England & Wales (ICAEW). Jill was a non-executive director of the CMA from its inception in 2013 until October 2016. Prior to this she spent 25 years in investment banking, 13 years in mergers and acquisitions with SG Warburg & Co. Ltd and 12 years at UBS AG.

  • Sarah Slater

    Board Member

    Sarah Slater is a UK resident. She is an experienced principal investor and fund manager with a successful performance track record in real estate investment. She is the Chief Executive of The Eyre Estate, a private family trust, a trustee of Dulwich Estate and also holds a number of non-executive positions. During her career, Sarah held senior positions at The Canada Pension Plan Investment Board (CPPIB), ING Real Estate Investment Management (now CBRE GI) and Henderson Global Investors (now THRE).

Financial calendar

Year End 31 December
Accounts published April
Annual General Meeting June
Dividend Paid March, May, August, November

Trust details

Standard Life Investments Property Income Trust plc

Registered Office:
Trafalgar Court
Les Banques
St Peter Port
Guernsey GY1 3QL

Registered in Guernsey as an Investment Company Number 41352

Launch Date: 19 December 2003
Risk warning
Risk warning
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. The tax benefits relating to ISA investments may not be maintained. Investors should review the relevant Key Information Document (KID) brochure prior to making an investment decision.
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