The performance of retail-focused unlisted property funds improved slightly in the three months to 30 September. Data from the MSCI/AREF Quarterly Property Fund Index shows average returns across the retail property funds tracked was -8.92% for the quarter, compared with -11.56% for the three months to the end of June. The worst performer was British Land's Hercules Unit Trust, which invests in retail parks and posted a return of -25.3%, compared with -15.7% for the three months to the end of June. The fund, which has a net asset value (NAV) of £253m, posted the worst annual performance of all funds in the index for the year to the end of September, with a return of -57.5%. Only one retail-focused unlisted property fund posted a positive return on investment. Aberdeen Standard's UK Retail Park Trust delivered a return of 1.3%. Nuveen Real Estate's UK Retail Warehouse fund produced a -3.6% return, outperforming its UK Shopping Centre Fund, which recorded a -10.8% return.
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