This move means client subscriptions and redemptions for acceptance on 14 October 2016 may be placed with Henderson at any time from the 21 September 2016. This notice period allows investors to make informed decisions and the necessary preparations ahead of the re-opening. Good progress in asset sales has enabled re-establishment of a liquidity buffer while maintaining a high quality, diversified portfolio with a strong tenant base and asset mix.
Speaking about developments within the fund, Ainslie McLennan, co-manager of the funds, says:
“We are pleased with the pricing attained on the assets sold in the period since 23 June 2016, with the majority of sales exceeding 31 December 2015 valuations, and comfortable that this was achieved without compromising the diversification and performance potential of the remaining property portfolio.
“The focus remains on holding a strong portfolio of defensive, core assets with a mix of robust tenants on long leases across all sectors. The portfolio provides an attractive net historical income yield of 3.2% (4.0% estimated gross yield for eligible investors), which in the form of contractual rental income offers a steady income stream and remains attractive relative to bonds and equities. Around a third of the income comes from leases with either fixed uplifts or Retail Price Index (RPI) linked increases, providing an element of rental growth.”