TR Property takes net cash holding

Chris Turner caught off guard by downturn and holds net cash for first time in 20 years

TR Property managers are holding net cash for the first time in 20 years after what the chairman called a brute of a year for the sector. Manager Chris Turner believes the point of maximum pessimism is still ahead but getting closer "So far the decline in values has unexpectedly punished prime property just about as hard as secondary," he added. "As we have noted, this trend is unlikely to last." Over the year to 31 March, the investment trust's NAV declined by 24.5% while the share price fell 26.6%. Over the past 12 months, Turner has eliminated net borrowing, with cash increasin...