We permit the publication of our auditors’ report, provided the report is published in full only and is accompanied by the full financial statements to which our auditors’ report relates, and is only published on an access-controlled page on your website, to enable users to verify that an auditors’ report by independent accountants has been commissioned by the directors and issued. Such permission to publish is given by us without accepting or assuming any responsibility or liability to any third party users save where we have agreed terms with them in writing.

Our consent is given on condition that before any third party accesses our auditors’ report via the webpage they first document their agreement to the following terms of access to our report via a click-through webpage with an 'I accept' button. The terms to be included on your website are as follows:

I accept and agree for and on behalf of myself and the Trust I represent (each a "recipient") that:

  1. PricewaterhouseCoopers LLP (“PwC”) accepts no liability (including liability for negligence) to each recipient in relation to PwC’s report. The report is provided to each recipient for information purposes only. If a recipient relies on PwC’s report, it does so entirely at its own risk;
  2. No recipient will bring a claim against PwC which relates to the access to the report by a recipient;
  3. Neither PwC’s report, nor information obtained from it, may be made available to anyone else without PwC’s prior written consent, except where required by law or regulation; and
  4. PwC’s report was prepared with Hermes Property Unit Trust's interests in mind. It was not prepared with any recipient's interests in mind or for its use. PwC’s report is not a substitute for any enquiries that a recipient should make. The financial statements are as at 25 March 2017, and thus PwC’s auditors’ report is based on historical information. Any projection of such information or PwC’s opinion thereon to future periods is subject to the risk that changes may occur after the reports are issued and the description of controls may no longer accurately portray the system of internal control. For these reasons, such projection of information to future periods would be inappropriate.
  5. PwC will be entitled to the benefit of and to enforce these terms.
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Important Information

Home / Important information

The information contained on this website is for Professional Investors only.

Usage of this Website: Hermes' products and services referred to on this website are not available to the general public in any jurisdiction, and the information provided does not constitute an offer, invitation to acquire or sell any service, product or security referred to on this website.  You are not permitted to re-publish any Hermes information obtained from this website without Hermes’ prior consent. You acknowledge that you are accessing this website on your own initiative and are responsible for compliance with all laws and regulations applicable in your own jurisdiction. Hermes uses a web analytics service to monitor the usage on the website.

Legal Information: This site is operated by Hermes Fund Managers Limited ("HFML") (Company No: 01661776) whose registered office is situated at Lloyds Chambers, 1 Portsoken Street, London, E1 8HZ.

The affiliated advisers under the HFML umbrella include: Hermes Investment Management Limited (“HIML”); Hermes Alternative Investment Management Limited (“HAIML”); Hermes European Equities Limited (“HEEL”); Hermes Real Estate Investment Management Limited (“HREIML”); Hermes Equity Ownership Limited (“HEOS”); Hermes GPE LLP (“Hermes GPE”); Hermes GPE (USA) Inc (“Hermes GPE USA”) and Hermes GPE (Singapore) Pte. Limited  (“HGPE Singapore”). All are separately authorised and regulated by the Financial Conduct Authority except for HREIML, HEOS, Hermes GPE USA and HGPE Singapore. HIML currently carries on all regulated activities associated with HREIML. HIML, HEEL and Hermes GPE USA are all registered investment advisers with the United States Securities and Exchange Commission (“SEC”). HGPE Singapore is regulated by the Monetary Authority of Singapore. HIML is not registered in Canada as a dealer, adviser or investment fund manager under applicable Canadian securities laws. Except for the provinces of Alberta, British Colombia, Ontario, Quebec and Nova Scotia, HIML does not engage in the business of, and none of its activities should be construed as holding itself out as engaging in the business of, advising anyone in any Canadian jurisdiction with respect to investing in, buying or selling securities.  In the provinces of Alberta, British Colombia, Ontario, Quebec and Nova Scotia, HIML relies on the international adviser registration exemption pursuant to section 8.26 of National Instrument 31-103– Registration Requirements, Exemptions and Ongoing Registrant Obligations. In the provinces of Ontario, Quebec and Nova Scotia, HEEL relies on the international adviser registration exemption pursuant to section 8.26 of National Instrument 31-103– Registration Requirements, Exemptions and Ongoing Registrant Obligations. Prior to carrying on any investment advisory or portfolio management services for a client located in a Canadian jurisdiction other than Alberta, British Colombia, Ontario, Quebec or Nova Scotia, HIML will first need to take certain steps to either obtain the appropriate registration or rely on an available exemption from registration.

The following operating subsidiaries of HFML are not authorised by the Financial Conduct Authority: Hermes Real Estate Investment Management Limited ("HREIML") and Hermes Equity Ownership Services Limited ("HEOS"). HIML and HAIML currently carry out regulated activities associated with HREIML.

References on this page to "Hermes" mean HFML, and, where the context requires, its subsidiaries and affiliates as described more particularly above.

Certain entities listed above have cash solicitation arrangements under which they receive compensation for referring prospects for other affiliates advisory services. Please see the relevant Form ADV for further disclosure.

Investing with Hermes may be restricted in some countries and as such, any person who receives this document is required to make themselves aware of their respective jurisdictions and observe any restrictions.

The information on this site does not constitute a solicitation or offer to any person to buy or sell any related securities or financial instruments; nor does it constitute an offer to purchase securities to any person in the United States or to any US Person as such term is defined under the US Securities Exchange Act of 1933. It pays no regard to the investment objectives or financial needs of any recipient. No action should be taken or omitted to be taken based on this document. Tax treatment depends on personal circumstances and may change. The information on this site is not advice on legal, taxation or investment matters so investors must rely on their own examination of such matters or seek advice. Before making any investment (new or continuous), please consult a professional and/or investment adviser as to its suitability.

Any opinions expressed may change. The value of investments and income from them may go down as well as up, and you may not get back the original amount invested. Any investments overseas may be affected by currency exchange rates. Investing in property is an illiquid investment and may result in deferment of redemption of units. The value of the property is a matter of a valuer’s opinion rather than fact. Investments in emerging markets tend to be more volatile than those in mature markets and the value of an investment can move sharply down or up. Investing in smaller/medium sized companies may carry higher risks than investing in larger companies. Past performance is not a reliable indicator of future results and targets are not guaranteed. All figures, unless otherwise indicated, are sourced from Hermes. For more information please read any relevant Offering Documents or contact Hermes.

UCITS Funds - Further information on investment products and any associated risks can be found in the Fund’s Key Investor Information Document (“KIID”), the Prospectus, the articles of association and the annual and semi-annual reports. In the case of any inconsistency between the descriptions or terms on this website and the Prospectus, the Prospectus shall prevail. These documents are available free of charge at Hermes Investment Funds plc, Georges Court, 54-62 Townsend Street, Dublin 2, Ireland,; and, with the exception of the Multi Asset Inflation Fund, for residents of Switzerland, at its representative (ACOLIN Fund Services AG, Affolternstrasse 56, CH-8050 Zurich, The Paying agent in Switzerland is NPB Neue Privat Bank AG., Limmatquai 1/am Bellevue, P.O. Box, CH-8022 Zürich. HIML is the investment manager and promoter of Hermes Investment Funds plc (“HIF”) - an open-ended investment company with variable capital and with segregated liability between its sub-funds - incorporated in Ireland. Authorised by the Central Bank of Ireland and recognised by the Financial Conduct Authority.

The Hermes Property Unit Trust (“HPUT”) is constituted by an amended and restated trust deed between the Appointments Committee, the Trust Manager and the Trustee. The Trust Manager, Hermes Alternative Investment Management Limited (“HAIML”), is the legal operator of HPUT. It is authorised and regulated by the Financial Conduct Authority and has been appointed by the Appointments Committee to undertake all portfolio and risk management activities. The Trust Manager has formed a special committee, known as the HPUT Committee, through which it considers certain matters on behalf of Unit Holders. Each of the members of the HPUT Committee is a member of the Appointments Committee. Each person is Financial Conduct Authority approved in respect of the activities they perform through the HPUT Committee. The Trust Manager delegates certain of its property portfolio activities to Hermes Real Estate Investment Management Limited.

Potential investors in the United Kingdom are advised that compensation will not be available under the United Kingdom Financial Services Compensation Scheme.

The HEOS activities referred to on this site are not regulated activities under the Financial Services and Markets Act. This site may include a list of HEOS clients. Please note that inclusion on this list should not be construed as an endorsement of HEOS’ services. HEOS has its registered office at Lloyds Chambers, 1 Portsoken Street, London, E1 8HZ.

In Spain: The information hereby contained referred to a sub-fund (the Sub-fund) of Hermes Investment Funds plc (the Company), a collective investment scheme duly registered with the Spanish Securities Market Commission (CNMV) under number 1394 (, where it may be consulted the updated list of the authorised distributors of the Company in Spain (the Spanish Distributors). This document only contains brief information on the Sub-Fund and does not disclose all of the risks and other significant aspects relevant to a potential investment in the Sub-Fund. Any investment decision must be based solely on the basis of a careful consideration and understanding of all information contained in the latest Company’s prospectus, simplified prospectus or key investor information document (KIID), when implemented and the latest half-yearly and audited yearly reports. The Spanish Distributors must provide to each investor, prior to subscribing the shares of the Sub-fund, a copy translated into Spanish of the simplified prospectus or KIID, when implemented, and the latest published economic report prior to subscribing shares. In addition, a copy of the report on the planned types of marketing in Spain must be provided using the form published on the CNMV website. All mandatory official documentation shall be available through the Spanish Distributors, in hard copy or by electronic means, and also available upon request  These documents are also available free of charge at Hermes Investment Funds plc, Georges Court, 54-62 Townsend Street, Dublin 2, Ireland, It is advisable to obtain further information and request professional advice before taking an investment decision. Hermes Investment Management Limited is duly passported into Spain to provide investment services in such jurisdiction on a cross-border basis and is registered for such purposes with the Spanish Securities Market Commission – Comisión Nacional del Mercado de Valores (“CNMV”) under number 3674.

In Singapore: This document and the information contained herein shall not constitute an offer to sell or the solicitation of any offer to buy which may only be made at the time a qualified offeree receives a Hermes Investment Funds Public Limited Company prospectus, as supplemented with the global supplement, the relevant fund supplement, and the relevant Singapore supplement (the “prospectus”), describing the offering and the related subscription agreement.  In the case of any inconsistency between the descriptions or terms in this document and the prospectus, the prospectus shall control. 

Securities shall not be offered or sold in any jurisdiction in which such offer, solicitation or sale would be unlawful until the requirements of the laws of such jurisdiction have been satisfied. 

For the avoidance of doubt, this document has not been prepared for delivery to and review by persons to whom any offer of units in a scheme is to be made so as to assist them in making an investment decision. This document and the information contained herein shall not constitute part of any information memorandum. Without prejudice to anything contained herein, neither this document nor any copy of it may be taken or transmitted into any country where the distribution or dissemination is prohibited. This document is being furnished on a confidential basis and solely for information and may not be reproduced, disclosed, or distributed to any other person.

No Warranties or Representations: Hermes has expressed its own views and opinions on this website, and these may change from time to time. Hermes may make changes to the information available on the website at any time without notice. No warranties or representations whether express or implied (including, without limitation, implied warranties of merchantability, fitness for purpose, non-infringement of third party rights, freedom from viruses or other harmful code) are given by Hermes in connection with this website. Hermes accepts no liability for any damage or loss whatsoever including loss of profit (whether direct, indirect or consequential) in respect of the use of this website or its content and is not responsible for any interruptions or delays in service which may occur.

Accuracy of information: Information contained on this website is believed in good faith to be correct at the time of posting. In the event that any articles, papers or publications are posted on the website, then such items reflect information available and the views of the authors as at the date of publication. However, errors or omissions in the information may occur because of a number of factors which are inherent in any internet access system and are not within Hermes’ reasonable control. In view of the above, you are advised to confirm the accuracy of any information obtained from this website with Hermes before seeking to rely on such information.

Investment Advice: This website is not intended to be used as a tool for providing investment advice on the merits or suitability of products and no information contained within this website should be construed as such. This website provides information about Hermes’ products and services and does not provide advice to clients. Please seek your own legal, investment and tax advice as you deem appropriate. This website is for information only. It should not be construed as a solicitation or an offer to buy or sell any securities or related financial instruments.

Performance Information: Past performance is not a reliable indicator of future results.

Offering Documents and Private Placement Memoranda: This website contains certain offering documents including prospectuses and private placement memoranda. These documents contain important information including charges, tax and fund specific warnings, which should be read carefully to ensure that they are fully understood prior to you proceeding with investment decisions.

Recording of calls: Telephone calls will be recorded for monitoring purposes.

Data Protection: Please read our Privacy Policy relating to the collection and use of your personal information.

Intellectual Property Rights: Hermes is the owner or the licensee of all intellectual property rights in this website, and in the material published on it. Those works are protected by copyright laws and treaties around the world. All such rights are reserved. You may print off one copy, and may download extracts, of any page(s) from our site for your personal reference. You must not use any part of the materials on our site for commercial purposes without obtaining a licence to do so from us or our licensors.

Third Party websites: Links to third party websites are provided solely for your convenience. We have not reviewed any third party websites and are not responsible for their content. Hermes therefore does not endorse or make representations about them, or any material found there, or any results that may be obtained from using them. If you access any third party websites linked to this website, you do so entirely at your own risk.

IP Addresses and Cookies: We may collect information about your computer, including where available your IP address, operating system and browser type, for system administration and to monitor acceptance of our disclaimers. This is statistical data about our users' browsing actions and patterns, and does not identify any individual.

For the same reason, we may obtain information about your general internet usage by using a cookie file which is stored on the hard drive of your computer. Cookies contain information that is transferred to your computer's hard drive. They help us to improve our site and to deliver a better and more personalised service. They enable us:

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