Fund Management

British Land is a major investor in and property adviser to over £2.0bn of property funds.

The funds focus on specific sub-sectors of UK and Continental Europe retail warehousing. British Land receives capital and income returns as an investor in the funds, as well as management fees on the fund portfolios and performance fees dependant upon performance exceeding certain benchmarks.

Before reading this information, please note that it is subject to the following regulatory disclaimer.

Kingsteignton Retail Park
Hercules Income Fund (HIF)
Hercules Income Fund (“HIF”) was created in September 2004 as a Jersey-based property unit trust. It invests in smaller UK retail parks and clusters of retail park property, as a key sub-sector of the UK retail warehouse market.
HIF’s portfolio currently totals over 450,000 sq ft (as at June 2009) of retail park space, with key tenants including DSGi, B&Q and Matalan.

New Mersey Shopping Park
Hercules Unit Trust (HUT)
HUT is a closed-ended Jersey property unit trust and is the largest specialist retail park investment trust in the UK. The portfolio comprises properties with a value of £1.43 billion and a total floor area of 4.6 million sq ft. Over 95% of the portfolio benefits from Open A1 or Open Restricted planning consent. (As at June 2009)

Aveiro Retail Park
Pillar Retail Europark Fund (PREF)
PREF (The Pillar Retail Europark Fund) is a seven-year, closed-end fund created in 2004 investing in out-of-town retail parks in the Eurozone. PREF currently owns 12 trading retail assets in France, Italy, Portugal and Spain.

PREF’s Iberian-based assets are: Portugal – Portimão Retail Park, Portimão; Aveiro Retail Park, Aveiro; Sintra Retail Park, Lisbon, Lima Retail Park, Viana do Castelo, Lima. Spain – Nassica Retail & Leisure Park, Madrid, Nueva Condomina, Murcia and Vista Alegre Retail Park, Zamora (acquired February 2008). Outside Iberia, PREF also holds interests in Italy and France.