“Although there are a number of macro-level uncertainties that could affect property market performance, including the UK general election, a possible EU referendum and global political, economic and financial developments, the short-term outlook appears positive,” Kirby said.
“The asset class remains in favour with a wide range of investors and market sentiment has shifted in favour of interest rates staying lower for longer, potentially allowing property yields to compress further, Kirby added.”
He added that London and the South East will continue to outperform other parts of Britain and ‘good quality offices and industrials’ will outperform retail property outside London.
The trust’s net asset value total return for 2014 was 22.1%, well ahead of the 17.9% of its benchmark index, according to a final results statement posted today.
The share price total return during the period was 18.8% and the share price at the end of the year was 136.4p, a premium of 11.7% to the NAV per share of 122.1p.
Twelve monthly interim dividends, each of 0.5p per share, were paid during the year, maintaining the annual dividend rate of 6p per share. This was equivalent to a dividend yield of 4.4% based on the year-end share price.
The trust intends to pay dividends at the same rate during 2015 ‘barring unforeseen circumstances’.
