New name and new objective for Investors in Global Real Estate
IGRE : Investors in Global Real Estate plans to change its name to Schroder Global Real Estate Securities (provided shareholders approve that is). The change reflects the appointment of Schroders as managers of the fund earlier this month.
The Board, following conversations with Schroders, have come up with a new objective for the company (which will also need shareholder approval) – IGRE will now “aim to provide investors with an attractive total return offering a sustainable income with potential for future progressive dividend growth by investing in global real estate securities with strong fundamentals”. They also say “This will incorporate a total return philosophy constructed with a focus on strong fundamentals, expressing greater conviction for the individual stocks across a diversified portfolio”. The implication of which might be that the fund operates with a more concentrated portfolio than before and, either takes some active steps to limit the downside risk on the portfolio, or at least focuses more on making money than beating a benchmark – we’ll have to wait to see.
The Board say they are thinking about the right level for the company’s dividend now and will let us know more when the interims are published around 28 August.