Edison Investment Research Limited: Channel Islands Property Fund (CIP): Initiation - Income is the name of the game

London, UK, 05 November 2021

Channel Islands Property Fund (CIP): Initiation - Income is the name of the game

Channel Islands Property Fund (CIPF) has proved a resilient investment since its launch in 2010 and remains an attractive income-generating investment. Its defensive characteristics were highlighted during the pandemic when 100% of anticipated rent was received throughout the period. This regular and predictable revenue stream allowed it to declare and distribute its ongoing quarterly dividend of 1.65p/share, arguably justifying its 5.3% premium to NAV. It currently yields 6.5%, which is attractive and exceeds the dividend yields available on many other multi-let property investment funds.

The fund yields 6.5% at the current share price, which is attractive in its own right and comfortably above the average of 4.7% for peers with similar characteristics. There is potential for dividend growth or capital appreciation, but the current yield is the main attraction. The ongoing charge figure (OCF) is in line with its peer group at 1.94%. There are no performance fees chargeable.

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