This year, TRPIT’s cocktail of property shares, investments in listed and unlisted property company shares, joint ventures and direct trading has provided it with a healthy rise in pre-tax profits, to £6.1m (£3.8m). And net asset value per share has risen 22%, to 65.76p, outperforming the FT property share index by some 2%.
Anticipating a slowdown in the UK market over the next year, TRPIT is staking out its defensive ground. This includes reducing the commitment to UK property shares, while marginally increasing the overseas component. In addition, the proportion invested in smaller companies has been reduced, from some 26% two years ago to about 20%. “We’re keen to refine the long list of very small companies and concentrate our firepower on those with strong proven management,” says trust manager Peter Duffy.
“As part of our long-term strategy, we’re also building up our direct property activities, joint ventures and the portfolio of unquoted property companies.” Indeed, TRPIT is part of the County Hall Development Group, which last year won the tender to redevelop County Hall in London. And a joint venture, Culverin Holdings, will develop 1.5 acres of underground vaults next to the Tower of London for a leisure scheme.
