SLI Property amends its charges in expectation of higher cash position

Standard Life Investments Property Income trust has amended its charging structure in expectation of...

Standard Life Investments Property Income trust has amended its charging structure in expectation of maintaining a higher cash position. The trust will introduce a 20 basis point fee for cash holdings above 10% of total assets from 1 July, with the level calculated at the relevant quarter end. It standard charge is 0.85% of gross assets, payable quarterly in arrears. According to the board, this fee reduction reflects the difficult times the sector and UK commercial property have faced and the prudence of holding cash in the current cycle. Property Income currently holds around £48m...