Closed Fund

UK Shopping Centre Fund

An opportunity for investors to gain unparalleled access to a carefully selected portfolio of prime, dominant retail assets in a particularly specialised sector within the UK market.

Key facts

Target sector UK prime shopping centres
Target return The objective is to deliver a Fund total return in excess of the IPD Shopping Centre benchmark return over the life of the Fund.
Fund structure Main Fund: Closed-ended Jersey Property Unit Trust. Feeder Fund: Closed-ended Jersey Property Unit Trust which is more tax efficient for some non-UK investors.
Fund term December 2021 (plus two years orderly wind-down)
Currency Sterling
Fund value £691m (c.$970m)
No. of assets 3
Max gearing 23% LTV
Fund Manager Stephen Wicks
Investment strategy
  • Targets prime, dominant shopping centres in major UK cities or regional catchment
  • Maintains a diversified tenant base, strong anchor tenants
  • Maintain a vacancy rate of less than 3%

Responsible Property Investment strategy

Our UK Shopping Centre Fund is one of our most advanced in terms of sustainability, as we have onsite teams who are able to implement initiatives and engage with retailers and the local community, enabling us to focus more on the ‘social’ aspects of sustainability in this Fund than any other. We collaborate closely with our joint venture partners and pursue industry best practice through the ICSC and Revo sustainability committees.  

Futher information on TH Real Estate's RPI strategy

Global Real Estate Sustainability Benchmark (GRESB)

The Fund was awarded a GRESB Green Star, for the sixth year running, achieving a 'Green Star' in every year of participation. The Fund achieved a score of 100/100 for the Fund’s environmental management system and a score of 99/100 for the Fund’s ability to manage sustainability risks and maximise opportunities. It exceeded its peer group average in 6 out of the 7 benchmark aspects, achieving the best overall score to date. The Fund achieved second place position in its peer group of non-listed UK retail funds. In addition, the Fund achieved the highest GRESB rating of five stars, reflecting upper-quartile performance compared with the entire universe of GRESB participants.

*The ultimate returns realised by the strategy will depend on numerous factors that are subject to uncertainty. Accordingly, there can be no assurance that any return objectives will actually be realised. Target returns and forecasts cannot be guaranteed. 

Source: TH Real Estate, 31 March 2018

Stephen Wicks

Stephen Wicks

Fund Manager

Stephen's biography
The Fund provides access to a unique and increasingly sought-after asset class with stable income and capital returns supported by strong assets with a diversified and strong tenant base. The Fund returns could be further enhanced through the exceptional development of Edinburgh St James.
Stephen Wicks

Stephen Wicks

Fund Manager

Stephen has over 20 years’ experience in retail property both as a consultant and within fund management. He works closely with Myles White on managing the Fund including development and asset management activities. He was recruited by the Business, one of his clients, in 2002 into the retail team within shopping centres and was Fund Manager of the UK Shop Fund. He left in 2007 to head up the Retail team at Deutsche Asset & Wealth Management. Stephen re-joined the Business in 2013 as a director in the shopping centre retail team.

+44 (0) 20 3727 8224 More about Stephen
Chris Pyne

Chris Pyne

Head of Asset Management

With 20 years retail experience, Chris is responsible for overseeing the development and leasing activities within the Fund. He joined the Business in 2007.

+44 (0) 20 3727 8189 More about Chris
Thomas Seton R3

Thomas Seton

Portfolio Manager

Tommy joined the UK Shopping Centre team in September 2015, taking on asset management and leasing activities.

+442037278204 More about Thomas
Nawaz Mohamed

Nawaz Mohamed

Fund Analyst

Nawaz joined the Business in April 2007 as Fund Analyst. As a Fund Analyst, he is responsible for performance monitoring, fund analytics, financial modelling and investor reporting.

+44 (0) 20 3727 8169 More about Nawaz
Andrew Rippingdale

Andrew Rippingale

Head of Finance

Andrew is Head of Finance for a number of property funds including the UK Shopping Centre Fund and UK Retail Warehouse Fund. He has more than 14 years commercial property experience. Andrew is responsible for the financial management and control of a number of real estate funds as well as being responsible for the accounting for several joint venture entities.

+442037278197 More about Andrew
Camilla Bergesen

Camilla Bergesen

Client Services Manager

Camilla is responsible for investor communications, client investor briefings and reporting across a number of funds and mandates.

+442037278431 More about Camilla