Q2 2016 Quarterly Report for the underlying fund of P27 FPIL Glanmore Property Fund

02 August 2016

We have received the 2nd quarterly report for 2016 from The Glanmore Property Fund Limited (“Glanmore”) for the underlying fund into which P27 FPIL Glanmore Property Fund invests.

The key points from the latest Glanmore report are:

“The Fund’s share price decreased on the previous quarter by 0.85% from £2.992 to £2.967. Despite the profit from sales this was offset by a small P&L loss on the quarter and a decline in the value of the retail parade at Colchester. For the twelve months to the end of June 2016 the share price has increased by 12.95%. Following the decision by the Board to wind down the Fund, the strategy has been to sell the remaining properties.

During the quarter, three properties (proceeds £16.32m) were sold and a further sale (proceeds £7.76m) completed after the quarter end. This leaves the Fund with three properties remaining which are in the process of being sold. The market, however has slowed significantly since the result of the referendum on the UK’s membership of the EU. It is expected that sales may take longer than anticipated to complete.” 

The P27 FPIL Glanmore Property Fund remains suspended until further notice and we will keep you informed of any further news from Glanmore, as and when it is made available.

A copy of The Glanmore Property Fund Limited 2nd quarterly report for 2016 is available on request.

Should you have any questions regarding this update, please contact International Funds & Investments.