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Fiera Real Estate Long Income Fund

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Fund Type
Open-Ended
Target Return
4.0-4.5% pa (income)
NAV
£259m
Sectors
5
Portfolio
28 assets
Investment Approach

The Fiera Real Estate Long Income Fund UK (FRELIF UK) is an open-ended real estate investment fund that launched in 2009 and became open-ended in 2016. It focuses on acquiring assets with a core risk profile.

The investment objective is to provide fund investors with a target level of income together with the potential for capital growth, by investing in a diversified low-risk portfolio of primarily commercial real estate properties throughout the UK.

Target rates are not guaranteed. Inherent in any investment is the potential for loss.

Key Strategies

The fund focuses on:

Core Assets:

  • Lease duration of 20 years+ at acquisition.

Income Focus:

  • Indexation and fixed income minimum rental uplifts within leases.

Regional Diversification:

  • Pan-UK focus.

Strong Tenants:

  • Substantial financial strength of principle tenants.
Themes

The vehicle benefits from the long term market trends of:

LONG
19.2 years minimum term
(9.3 year margin over MSCI)
STRONG
Quality convenants
providing low levels of counter party risk
PROGRESSIVE
74.6% of income benefits from
fixed rental uplifts or indexation
INTEGRATED
ESG initiatives
increasing value and reducing risk of obsolescence

About the Fund

Investment strategy is focussed on acquiring assets with a core risk profile. All assets must display at least three of the following core characteristics at the time of acquisition:

  • Properties Located in the UK
    Properties which are well located in established commercial markets that display a good degree of liquidity.
  • Modern Institutional Grade Buildings
    Good quality modern properties built to an institutional grade.
  • Assets with Rental Growth Opportunities
    Assets which offer either neutral indexation or market rented or under rented, and therefore offer scope for rental income growth.
  • Well let to a Strong/Established Tenant(s)
    Targeting asset acquisitions let to strong tenants with an average income weighted unexpired lease term of typically 15 years or more.

The Portfolio

AUM by Sector
Industrial 44.2%
Other 20.2%
Standard Retail 14.3%
Retail Warehouse 11.2%
Office 10.1%
Total 100.0
AUM by Region
Rest of South East 25.7%
West Midlands 20.6%
Scotland 11.8%
The North West & Merseyside 11.5%
Eastern 10.6%
Yorkshire and the Humber 8.3%
East Midlands 6.0%
The North East 2.5%
Wales 2.1%
South West 0.9%
Total 100.0

As at 31st December 2021.

Examples of Assets Within the Portfolio

Industrial - Harlow

An industrial unit comprising 61,800 sq.ft let to SmithKline Beecham Limited on 20 year lease.

Office - Wolverhampton

Forward funding of 30,000 sq. ft. Grade A office and depot, pre-let on a 20 year lease to Cadent Gas.

Mixed Use - Warwickshire

An industrial and Grade A office HQ facility comprising 129,800 sq.ft let to Ricardo Plc on 18 year lease.

At Fiera Real Estate, we are committed to be Responsible, Resilient and Engaged.

We recognise the importance of integrating environmental, social and governance (ESG) issues within our investment management processes. We believe that we have a responsibility to our investors to fully understand the impact of these issues and to embed ESG considerations into the way we manage FRELIF UK so that we may drive long-term value and mitigate risk.

FRELIF UK ESG Initiatives and Successes

Recent Successes
Green Star Status
achieved in 2021
Accredited as a
Real Living Wage Employer
85% tenant energy data
collection vs 75% target
Net Zero Carbon
Target Set
Initiatives
Responsible

Renewable Energy

  • Solar PV installation project across the portfolio in partnership with push energy.

Utility Monitoring

  • Utilising automatic data harvesting to collect occupier utility data, as well as trialling data loggers.

Biodiversity

  • Installing beehives, planting wildflowers, bird boxes and bug hotels.

Social Impact

  • FRELIF UK has been accredited as a Real Living Wage employer, seeing all service providers across the  portfolio receive a minimum hourly wage significantly higher than the Government’s minimum for over 25s.
Resilient

Net Zero Carbon

Climate Risk

  • MSCI’s Climate Value at Risk tool provides quarterly insight into FRELIF UK’s exposure to transition and physical climate risk.

TCFD

  • Fiera Real Estate (“FRE”) has published a Task Force on Climate Related Financial Disclosures report.
Engaged

Tenant Engagement

  • There is an on-going tenant engagement programme which includes regular communication on ESG matters, annual occupier ESG focus groups, performance reports and collaborative landlord and tenant ESG projects.

Managing Agents

  • Quarterly meetings with Managing Agents setting ESG KPIs and producing plans for multi-let assets.

AREF

  • FRE UK’s COO holds the position of Chair of the Corporate Governance Committee and FRE’s Global Head of ESG is a member of the ESG & Impact Investment Committee.

FRELIF ESG Case Studies

Long income investing in a net-zero carbon world

FRE UK named as a top three finalist for Planet Mark’s awards

FRELIF UK achieves the 2021 AREF Quality Mark

All FRE UK’s live funds achieve GRESB Green Star rating

FRE UK and Opus Land to develop ESG exemplar scheme

FRE UK achieves Planet Mark 2020 Accreditation

85% of tenants signed up to FRE UK’s Utility Data Project

FRE UK partners with Planet Mark

Fiera Real Estate supports the Sustainable Development Goals

In 2015, all UN Member States adopted the 2030 Agenda for Sustainable Development. Underlying ‘Agenda 30’ are 17 Sustainable Development Goals (SDGs), which address the urgent call to end extreme poverty, fight inequality and injustice and to protect our planet. The targets we have set for ourselves in order to meet our ESG commitments have been aligned with a number of these SDGs, but we have placed particular focus on the below:

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Long Income Recent Media

April 26, 2022

FRELIF UK Net Zero Carbon Pathway Document

Fiera Real Estate UK (“FRE UK”), on behalf of the Fiera Real Estate Long Income Fund UK (“FRELIF UK”), has today published its net zero carbon pathway which sets out

Read the article

March 24, 2022

Fiera Real Estate Long Income Fund ESG Brochure

At Fiera Real Estate (“FRE”), we recognise the critical role we play in transitioning to a low carbon, more sustainable and equitable world. As stewards of our client’s capital, it

Read the article

March 11, 2022

Fiera Real Estate UK acquires Thatcham warehouse headquarters for £10.9m

Fiera Real Estate UK is delighted to announce the acquisition of a warehouse asset in Thatcham for £10.9m at a 3% yield. The asset was acquired from Clearbell Property Partners

Read the article

February 22, 2022

Webinar: How can ESG support Long Income Real Estate investment strategies?

When: Wednesday 27th April 2022 Where: Online, here What: Fiera Real Estate UK is hosting a webinar focused on ESG’s role in long income Real Estate, covering a variety of topics: What

Read the article

January 31, 2022

Fiera Real Estate UK funds Kier Property retail scheme in Glasgow

Fiera Real Estate, on behalf of the Fiera Real Estate Long Income Fund UK (“FRELIF”), has concluded a deal to forward commit on the acquisition of Kier Property’s Atlas retail

Read the article

November 09, 2021

Fiera Real Estate Long Income Fund UK achieves the 2021 AREF Quality Mark

Fiera Real Estate UK (“FRE UK”) is pleased to announce that the Fiera Real Estate Long Income Fund UK has been awarded the 2021 AREF Quality Mark. AREF has a

Read the article

July 13, 2021

The Appeal of UK Core Long-Income Commercial Real Estate Investing: An Attractive Alternative to Traditional Liability Matching

The UK investor has few choices to deliver income that can meet their long-term needs. Despite having less liquidity, private markets, and more specifically real estate, might be the best

Read the article

May 27, 2020

Key takeaways from our Long Income Investing webinar

Rupert Sheldon, Head of Core REIM UK, talks through the main takeaways from our webinar on Long Income Investing.

Read the article

May 13, 2020

In a volatile world is investing in index linked longer leases too good to be true?

Alex Price and Rupert Sheldon discuss Fiera Real Estate’s long income strategy and how it has been affected by COVID-19, paying particular attention to: The benefits of investing in real

Read the article

January 25, 2020

UK Core Long-Income Commercial Real Estate

FOREWORD by Rupert Sheldon, Head of Core REIM UK Defined Benefit (“DB”) Pension Schemes in the UK have traditionally sought to generate required levels of investment return via investing across

Read the article

Why Choose Fiera Real Estate?

Our Investment Philosophy

Our deep understanding and expertise in the Real Estate asset class drives our strategy, investment approach and team configuration.

Unique Access to Deals

Ownership stakes in property companies gives access to the majority of deals in UK, on and off-market.

Extensive Granular Network

Geographic focus of our 8 property companies supports the execution of business plans.

Long Term Trust

>25-year track record of creating value from an established management team.

ESG

Heavy focus on social responsibility, sustainability and governance. Signatory UNPRI and GRESB.

Aligned & Entrepreneurial

Co-Investment alongside clients at every level ensuring that interests are aligned.

Evaluating Risk & Return

Rigorous approach to risk management, portfolio construction and diversification.

Contact
  • Please fill out this form to access this PDF.

  • Self-Certification
    The information provided in this document is reserved for professional and institutional investors only and is not intended to be viewed in the United States or by US Persons.

    By clicking “I accept” you:

    • are a professional client as defined by the Financial Conduct Authority in the United Kingdom (COB 3.5).
    • are not a US Person (including being a US citizen or resident, or company incorporated under US law).
    • acknowledge and agree to the terms of the Privacy Policy.