Market ReviewThe major trends that have recently been evident in the UK commercial property market continued during the early months of 2012. Figures released in March revealed that total returns over the three months to end-February were 1.1%. Capital values have declined for four months in succession.
Fund PerformanceFollowing a poor final quarter of 2011, the Real Estate equities performed well over the first quarter of the year. There has also been a change in sentiment for Fixed Income with this element of the Fund also performing well over the quarter.
Fund PositioningWe continue to expect the secondary and regional markets to be most vulnerable to capital decline over the next 18 months. Tenant demand is likely to remain muted, while the progress of the development pipeline will be a key factor in underpinning rents.
Gerry Ferguson 31 March 2012
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