The BMO Property Growth and Income Fund has increased its direct property exposure by £23.8 million to £137 million, 26 percent of its portfolio.

This change comes at the same time the fund has made numerous recent purchases such as five assets across the Midlands and South East of England accounting to £40.1 million.

The purchases include offices in Croydon at £6.15 million, Windsor for £7.14 million and industrial units in Harlow for £11.3 million , Leamington Spa for £10.2 million and Tunbridge Wells £6.25 million.   

According to BMO “The properties in Leamington Spa, Tunbridge Wells and Windsor all have fixed rental uplift agreements in place that are linked to the Retail Price Index (RPI), providing stable long-term income for the Fund. The assets in Croydon and Harlow are let on reversionary leases respectively to Technology Company Sopra Steria and outsourcing business XPO Logistics, sublet to Clipper Logistics.”

Alongside these movements the fund has also agreed to the disposal of a portfolio of six industrial assets for £16.3 million.

The fund is managed by Marcus Phayre-Mudge and Alban lhonneur.

The fund  “invests in pan-European listed property companies and UK physical property and following the most recent purchases, its direct real estate holding comprises 82 per cent industrial and 18 per cent office assets.”

The fund has a size of £73.29 million with an Ongoing Charge Figure (OCF) of 1.71 percent.