The combined net asset value (NAV) of UK unlisted property funds leapt by £6.5bn in 2014. This week, new figures from the AREF/IPD UK Quarterly Property Fund Index revealed that the combined NAV of the 48 funds in the index rose 21.2% over the year to £37.1bn. The best performers were central London office funds, whose annual returns ranged from 21% to 43.9%, while the poorest were retail funds, whose returns spanned 6.6% to 28.3%. The 25 balanced funds in the index, whose returns were constrained by the fact they are generally not as highly leveraged as the specialists, delivered returns of between 11.4% and 24.2%. The top three by total annual returns were Fidelity UK Real Estate Fund, AEW UK Core Property Fund and COIF Charities Property Fund (see table).
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