Investment Trust Insider on TR Property, Tritax and the logistics sector – James Carthew: the property pressures of feeding Amazon
Financial results from TR Property (TRY) always make interesting reading. The investment trust had another great year, making a 15.5% total return on net assets over the twelve months to 31 March which, when coupled with a narrowing of its discount, translated into a 25% return for shareholders. Manager Marcus Phayre-Mudge’s report highlights the contrasting fortunes of the physical retail sector and online retail, as represented by warehousing and logistics assets.
Physical retail is clearly suffering. Marcus thinks that valuers aren’t yet factoring in the true decline in the value of shopping centres. However, he says that ‘there is a place and a price for local everyday shopping’.
Against this backdrop, Phayre-Mudge is disappointed by the performance of Tritax Big Box (BBOX). The real estate investment trust returned just… read more here