London, UK, 24 March 2017
Edison issues initiation on UK Commercial Property Trust (UKCM)
UK Commercial Property Trust (UKCM) is a property investment company which seeks to generate an attractive and sustainable income with potential for capital and income growth by investing in high quality UK real estate. UKCM was set up in 2006, aiming to appeal to institutions as well as private investors by adopting a lower risk profile by focusing on prime assets and maintaining a conservative level of gearing. In April 2015, following Standard Life Investments' (SL) acquisition of Ignis Asset Management, Will Fulton became lead manager. He reshaped UKCM's portfolio to reflect SL's house view, while retaining the conservative approach. NAV total return was ahead of its benchmark in 2016, following the repositioning of the portfolio in 2015.
UKCM's portfolio is well diversified by sector, region and number of tenancies and its 4.45% dividend yield appears attractive relative to other income-generating products such as equity income funds. UKCM's share price discount to cum-income EPRA NAV narrowed in the second half of 2016, but has modestly widened in 2017 to 4.6%, which is wider than the peer group average.
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