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Fund NAV

 

Investors Note:

The Board of Directors of KMG SICAV SIF decided, due to the amount of redemption requests that equals 10% or more of The Castel Residential Property Fund’s net assets, to defer the settlement of all redemption and conversion requests as from the NAV to be dated 31 October 2017 for a certain period, in order to sell the underlying properties at the best possible price and this is in the best interests of the Sub-Fund’s Shareholders.

Following such deferral period, these repurchase/conversion requests will be met in priority to later requests except if Shareholders have decided to revoke their requests in accordance with the provision of the Offering Document in the event that redemption cannot be honoured, as stipulated under Section 13 of the Offering Document.

January 2018 Performance Update

Despite increased stamp duty, reductions in tax relief and Brexit, people are still keen to invest in residential property in the UK. IP Global, a Hong Kong based residential property investment company for example, put £106 million in ‘Northern Powerhouse’ cities such as Manchester and Liverpool last year on behalf of clients. It expects to invest a further £200 million this year. Property markets outside the capital a real so expected to be boosted in 2018 by the developments of Crossrail, Thameslink, and HS2. “Larger regional cities that have required a much longer recovery period are now pulling away where price growth is concerned, and have become a much more attractive proposition for buyers,” said Russell Quirk, Chief Executive Officer of Emoov.

December 2017 Performance Update

At the end of 2017, the West Midlands, South West, East Midlands and the North West show the strongest annual house price growth, while London remains at the bottom of the list. The Halifax House Price Index reported figures of prices up 2.7% in 2017, creeping up in England and Wales by 0.2% in January. Oliver Blake, managing director of Your Move commented, ‘With the focus on supporting those entering the property market, including the abolishment of stamp duty for first time buyers, we may see more movement in the market which should bring benefits for all.’ The residential property market has started 2018 with a boost, as research also show s that there w as a 40% increase in new sellers across the UK in January.

November 2017 Performance Update

Prices continue to be underpinned by the smaller number of buyers chasing after an even scarcer number of homes. Surveyors w ere relatively optimistic that the cut in stamp duty for first-time buyers, announced by the Chancellor in the Budget, w ill help buyer numbers to recover over the coming months. “The focus from the government on solving the housing crisis is overdue, but very welcome, and it is positive to see this level of commitment to the market and to borrowers.” commented Jeremy Duncombe, director of Legal & General Mortgage Club. With inflation rising to 3.1%, a high of 6 years, it is a positive prospect for the inflation linked leases for the properties within the Castel Residential Fund.

October 2017 Performance Update

According to Knight Frank’s latest report, property prices rose 2.5% in the month of October, year on year. Robert Gardner, Nationwide’s chief economist, pointed out that the annual growth, which has prevailed since March, continues to be driven by the lack of homes on the market. Cities in the north of England (Manchester, Liverpool and Sheffield), where increases have been much steadier and therefore sustainable, continue to attract investors where the current housing market is stronger.

September 2017 Performance Update

The Land Registry House Price Index has been released and official statistics show that house prices grew by 5% in the year to August 2017. This was a 0.5 percentage point increase from the previous month. In terms of housing demand the Royal Institution of Chartered Surveyors’ (RICS) residential market survey for August 2017 reported prime central London remains the only area in which prices expectations are negative. The average price of a property in the UK was £225,956 in August, while the previous year it was £218,964.

August 2017 Performance Update

House prices across the UK grew in August, following stagnation in July. The average picture hides regional disparities, with price rises in Northern Ireland and north-west England but price falls in London and parts of the South East. Across the UK as a whole, there were 6 per cent more estate agents reporting that house prices rose than reporting house prices fell during the three months to August. This was up from July when an equal number of agents reported house price falls as price rises, according to the latest Royal Institution of Chartered Surveyors survey of its members.

July 2017 Performance Update

Seasonally adjusted statistics from HM Revenue and Customs show that there were 104,760 residential property transactions in the UK in July. The figure reflects a rise of 1.3 percent in transactions from June and an 8.3 per cent rise since July last year.

Nationwide Building Society’s latest house price index shows prices were up 0.3pc month-on-month in July, lower than in June when prices were up 1.1pc, but higher than between March and May when prices fell. Annual house price growth stood at 2.9pc in July, a touch lower than the 3.1pc recorded in June, with the average UK house price now £211,671, a new record for Nationwide’s index.

June 2017 Performance Update

Growth in UK house prices has slowed but remains close to 5%, with faster growth seen outside London, according to official data.House prices across the country increased 4.7% in the year to May, hitting an average of £220,713, the Office for National Statistics (ONS) said. The annual rate fell from 5.3% in April. Between April and May, prices were up 0.5%.

House values rose in all regions, with the east of England still growing at the highest annual rate, of 7.5%, followed by the east Midlands at 7.2%. The average home in Britain has increased just over £3,000 in value (or £16.79 a day) since the start of the year, according to analysis by Zoopla. The property website found the typical home was valued at £304,469 as of 30 June, £3,309 more than in
January.

The Consumer Prices Index including owner occupiers’ housing costs 12-month inflation rate was 2.6% for June 2017.

May 2017 Performance Update

House prices have been predicted to rise by over six per cent according to new research. The 6.1 per cent growth has been forecast by Barclays Bank, who also say buy to let investors and high net worth millennial investors will lead the boost. Barclays also predict property hotspots will emerge in the north of England thanks to employment opportunities and business start-up rates which will help close the gap on the current property hubs of London and the south-east. The report predicts the UK property market will remain buoyant with prices set to rise by an average of 6.1 per cent by 2021, despite an uncertain economic and political climate at the moment.

April 2017 Performance Update

In March, across the UK as a whole, the ONS said house prices were down by 0.6% compared to February, meaning the price of the average UK home costs £215,848, this value has remained relatively static for 10 months.

During the first quarter of 2017, house prices were up by 4.1% on average across the UK. The value of semi-detached homes were rising at the fastest rate (up 5.3%), with the prices of flats rising with the slowest pace (up 3.5%). Separate figures from the ONS showed that rental prices paid by private tenants in Britain rose by 1.8% in the year to April, down from 2% in the year to March. The Fund returns across Share Class A were, GBP +1.46%, USD +1.56%, EUR +1.38%.

March 2017 Performance Update

Britain will never build enough houses to make property affordable for young people, according to research. A study presented to the Royal Economic Society’s annual conference said those hoping to get on the ladder may have to rely on the windows of opportunity created by periodic slumps in the market.

However, the overall trend will remain for residential property price rises to outpace salary growth, according to economists at the University of Reading. House prices in the UK stood at an average of £217,500 according to the Office for National Statistics. That is 7.7-times the average full-time salary in the UK of £28,200. By contrast, in 2005 the average home cost £150,500, approximately 6.5 times the then-average full time salary of £22,888.

February 2017 Performance Update

According to the latest figures released by the Halifax, the growth of property price in the UK rose by 0.1% in February to reach an average of £219,949. Year-on-year, values are +5.1%.The Halifax believes that prices will proceed to increase if the current supply and demand imbalance continues. The demand for housing is supported by the improving economy and increase in employment.

In February, the fund board appraised a number of large investments which added to investors returns. It is expected that therecent rise in inflation will start to filter through, as the underlining rents in the portfolio begin to rise.

The fund returns were as follows: GBP A (-0.08%) / B (-0.05%) –USD A (-0.07%) / B (-0.01%) –EUR A (-0.18%) / B (-0.12%)

January 2017 Performance Update

The UK housing market continues to face a shortage of supply in the sales and lettings segments, which pushed rents higher inJanuary. A survey conducted by the Royal Institution of Chartered Surveyors (Rics) revealed that demand for rental properties continued to increase at the national level in the three months to January. Rics noted that the imbalance between supply and demand of rental properties would lead to an increase in rents.

Property prices in the UK increased by 0.2% in January and are now 4.3% above a year ago. The modest rise at the start of theyear took the average price of a home to £205,240 the data from the Nationwide shows.

In January the Property Consultant has appraised and is in negotiation to purchase a landmark investment which it is envisaged will boost returns to investors over the long term.
Fund returns were: GBP A (-0.01%) / B (0.03%) –USD A (0.05%) / B (0.11%) –EUR A (-0.13%) / B (-0.06%)