• Minimum Investment only £5,000
• Investment at Net Asset Value +1%
• No exit charge or switch penalty
• No initial investment charge or bid-offer spread
• All charges are ‘implicit’ and all growth is after fund management charges.
• Long term track record and still allowing 100% access to commercial property, through this unitised fund.
• Also available as a Dollar Fund and a Euro Fund
• Backed by Tilney Asset Management

Fund Overview and Strategy

An Introduction

To quickly view the fund's current share price, go to the Latest fact sheet. http://www.glanmore.com/latest.asp

The Glanmore Property Fund was formed as an offshore company so that, under current UK tax law, income from dividends is paid gross and any capital disposal within the Fund is free from capital gains tax (CGT). In a nutshell, the Glanmore Property Fund has to date offered investors quality management, low costs, low risk, income diversification, prudent gearing, quality tenants with good liquidity and good performance

Strategy

• To invest in a diversified portfolio of commercial properties in the retail, retail warehouse, office and industrial warehouse sectors of the UK market;
• To invest 70% of the gross value of the Portfolio into good quality, higher yielding, commercial properties with no individual investment on acquisition representing more than 15% of the gross value of the portfolio;
• To invest up to 30% by gross value of the Portfolio into properties that stand to benefit from active management in order to have the possibility of achieving a better overall return from the portfolio than standing investments;
• To maximise total return, being rental income plus capital appreciation, and to minimise costs;
• To provide annual compound growth (the sum of net income added to the movements in the capital value of the underlying assets during the period) which will on a rolling five year basis exceed the Investment Property Databank Property Index for similar property investments;
• To limit risk by prudent gearing on 1:1.22 equity : loan basis using fixed rate or capped rate loans. Interest on borrowings is therefore known and controlled

The strategy is subject to change at the discretion of the Directors of the Fund, in the light of prevailing economic conditions. Your attention is drawn to the risk factors set out below:-

Risk Factors

1. The general market for commercial property may during the period of any investment in shares in the Fund depreciate with the result that the value of the Fund's property investment portfolio falls. The value of any individual property may fall, for example, due to the insolvency of a tenant. The monthly valuation of the Fund will be predominantly based on the opinion of the valuer of the Fund of the current market value of the Fund's property portfolio.
2. The cash resources immediately available to meet applications for redemptions of shares in the Fund are limited and if net redemption requests on any subscription day exceed those resources investment properties may need to be sold in order to redeem such shares. As land and buildings may be difficult to sell on these occasions, there may be times when the shares cannot be immediately redeemed.
3. An investment of the type offered by the Fund may not be suitable for all investors who should seek advice from their investment adviser.
4. It is intended that an investment in the shares in the Fund will procure regular income for the investors who should be aware that this income will fluctuate. In addition it should be noted that the tax treatment of the Fund may change.
5. Charges and expenses in connection with the Fund are not made uniformly throughout its life and it is possible that an investor may not receive back the full amount of its investment especially if it is redeemed within one year.
6. Redemption of the shares in the Fund is at the discretion of the Fund's Directors and there may be circumstances in which it is decided not to permit redemption. Your attention is drawn to the provisions for redemption in the Prospectus.
7. Past performance is not necessarily a guide to future performance.

The information contained in this website is subject to the terms of the Glanmore Prospectus, to which the attention of eligible investors is drawn. Guernsey investments of this nature are only open to certain classes of investors or through an intermediary. These pages are not an offer or invitation to apply for shares, nor do they solicit any such offer or invitation. Applications for shares may be made only on the basis of the Glanmore Prospectus and will be accepted only from eligible investors.

Important Information

The Fund is constituted as a Guernsey Financial Securities Commission approved collective investment vehicle. Investec Administration Services Ltd are the Administrators and KPMG Guernsey are the Auditors. Tilney Asset Management International Limited are the manager's of the Fund and are regulated by the Guernsey Financial Services Commission. Are there any charges on redemption?

These occur monthly at the Net Asset Value. However, shares sold within first six months of acquisition incur a 2% penalty: shares sold between six and twelve months of acquisition incur a 1% penalty.

The Fund has distributor fund status under the UK regulations. Accordingly, at least 85% of the net income is paid annually in two dividends on the 1st March and the 1st September. During 2003 the total annual gross dividend was £3.21 per share.

Please refer to the full terms and conditions for investment details.