Units may be purchased at Offer price on twelve Subscription dates annually. These are normally 26 January, 26 February, 26 March, 26 April, 26 May, 25 June, 26 July, 26 August, 30 September, 26 October, 26 November and 26 December or the next following business day. The minimum investment is 10,000 units.
The Offer price is calculated as the Fair Value of a unit plus the estimated acquisition costs of property including stamp duty. The Fair Value of a unit is based on an independent valuation of the Trust's assets, adjusted for any circumstances the Trust Manager deems to be material.
Normally all applications (which for initial applications must be for a minimum of 10,000 units) will be accepted and allotted in full; however, the Trust Manager reserves the right to refuse applications or to scale them down. The Form of Application for units incorporates an indemnity and is accompanied by a form of authority addressed to the HMRC authorising them to advise the Trust Manager in the event of the Unit Holder ceasing to be an Exempt Fund.
These provisions are designed to protect the tax position of the Trust and enable immediate steps to be taken to secure disposal of the holding of a Unit Holder who no longer has exempt fund status.