Federated Hermes Property Unit Trust
Reasons to invest
Balanced allocation
Active management
Dedicated team
Appointments committee
Industry leader

We target a wide range of carefully chosen properties – including retail, office and industrial units across the UK. Our long-term goal is to maintain a balanced portfolio with the potential to grow sustainably.
Investment approach
We select, own and manages all these properties directly. All the investors in the strategy are UK pension funds or charities, committed to achieving long-term returns.

Dermot Kiernan
The Appointments Committee consists of at least three, and at most eight, members. Each year at least one third of the Appointments Committee retires at the Annual General Meeting and is then eligible for re-election by Unit Holders.
The Appointments Committee provides independent oversight of Hermes on behalf of Unit Holders. The Appointments Committee was formed as part of a restructuring in order to comply with the Alternative Investment Fund Managers Directive which became effective from 22 July 2013.
David Nicol BA (Hons) CA – Chairman (Appointed 16 July 2012)
David is a Chartered Accountant and worked for Morgan Stanley from 1984 until 2010 taking various senior operational roles. He was chair of Morgan Stanley Pension Trustee Limited and non-executive chair of the audit committee of Morgan Stanley International until the end of 2011 and was Chief Executive of Brewin Dolphin plc until mid-2020.
Sue Clayton BSc FRICS (Appointed 9 December 2014)
Sue was an Executive Director at CBRE, the global property advisers, where she has specialised in UK investment markets for over 25 years until her retirement in 2020. Sue is a Non-Executive Director of SEGRO Plc and of Helical Plc where she chairs the Valuation Committee and sits on the Audit and Remuneration Committees. She is Chair of the Barwood Property 2017 Fund and a Trustee of the Reading Real Estate Foundation.
Andrew McIntyre MA, ACA (Appointed 7 June 2017)
Andrew is a non-executive director of C. Hoare & Co and Ecclesiastical Insurance Group plc and a board member of Lloyds Bank Corporate Markets plc. Andrew was previously a board member and chairman of Southern Housing Group Limited. He was a partner at Ernst & Young for 28 years. He also served on the firm’s board and was a trustee of the firm’s pension schemes. Andrew is a trustee of the Centre for Economic Policy Research and a member of the Financial Reporting Council Review Panel.
Frances Davies MA, MPhil (Appointed 18 February 2019)
Frances has more than 30 years’ experience across various roles within the asset management and investment banking industries. Since 2007 she has been a partner of Opus Corporate Finance and she currently holds non-executive roles on the JP Morgan Smaller Companies Investment Trust Board, Aviva’s With-Profits Committee, the Aegon Investments Ltd Board and, the Board of HICL plc.
Charles Maudsley FRICS (Appointed 18 May 2021)
Charles is a Chartered Surveyor and is Strategic Advisor to Bridgepoint LLP and Found of Alma Real Estate Consultancy. From 2020-19 Charles was a Main Board Director at British Land plc with day to day responsibility for the Retail, Leisure and Residential portfolios. Prior to this Charles was Co Head of Europe for La Salle Investment Management and also sat on the Global Board of the Investment Management business. This followed a role as UK head of Real Estate for AXA REIM. Charles started his career at DTZ where he ultimately held a position as Director in the investment team.
The Appointments Committee consists of at least three, and at most eight, members. Each year at least one third of the Appointments Committee retires at the Annual General Meeting and is then eligible for re-election by Unit Holders.
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The Appointments Committee provides independent oversight of Hermes on behalf of Unit Holders. The Appointments Committee was formed as part of a restructuring in order to comply with the Alternative Investment Fund Managers Directive which became effective from 22 July 2013.
Paul is currently the Senior Investment Director for European real estate investment at Australian Super. He was Chief Investment Officer at the Crown Estate until 2020, previously Director of Investment and Asset Management since 2007, prior to that he ran the Church Commissioners global real estate investment portfolio. He also sits on various industry bodies including the Board of Pathways to Property.
Sue was an Executive Director at CBRE, the global property advisers, where she has specialised in UK investment markets for over 25 years until her retirement in 2020. Sue is a Non-Executive Director of SEGRO Plc and of Helical Plc where she chairs the Valuation Committee and sits on the Audit and Remuneration Committees. She is Chair of the Barwood Property 2017 Fund and a Trustee of the Reading Real Estate Foundation.
Andrew is a non-executive director of C. Hoare & Co and Ecclesiastical Insurance Group plc and a board member of Lloyds Bank Corporate Markets plc. Andrew was previously a board member and chairman of Southern Housing Group Limited. He was a partner at Ernst & Young for 28 years. He also served on the firm’s board and was a trustee of the firm’s pension schemes. Andrew is a trustee of the Centre for Economic Policy Research and a member of the Financial Reporting Council Review Panel.
Frances has more than 30 years’ experience across various roles within the asset management and investment banking industries. Since 2007 she has been a partner of Opus Corporate Finance and she currently holds non-executive roles on the JP Morgan Smaller Companies Investment Trust Board, Aviva’s With-Profits Committee, the Aegon Investments Ltd Board and, the Board of HICL plc.