What happens to property & real estate after Covid-19?


Citywire’s Gavin Lumsden spoke to Marcus Phayre-Mudge, manager of TR Property (TRY) after the investment trust’s annual report was published today.

The results reveal how the pan-European portfolio of property companies and bricks and mortar investments enjoyed 11 strong months until the Covid-19 pandemic struck in March at the end of its financial year. This knocked the property and stock market for six with the trust’s net asset value slumping to 14.4% below its starting point.

Nevertheless, dividends of this 4% yielder were raised 3.7% and its long-term returns, up to yesterday, remain good with a 220% total shareholder return that is more than double the FTSE EPRA UK property and MSCI Real Estate indices used to benchmark its performance.

Phayre-Mudge has been involved with the trust for two decades and has been its lead manager for nine years. As an experienced property investor he is an ideal person to discuss the challenges facing the sector and income investors relying on dividends from the asset class.

In this podcast he gives his views on:

  • where we are in the coronavirus crisis;
  • implications for commercial property of more people working from home;
  • winners and losers in the online shopping boom;
  • why he is a big investor in Supermarket Income (SUPR);
  • is cautiously optimistic about student property and the private rental sector;
  • where good income can still be generated in commercial property.

 



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