Property Latest opportunities in property markets - Guy Glover, Peter Lowe Jason Anderson - BMO Global Asset ...

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Property Latest opportunities in property markets - Guy Glover, Peter Lowe Jason Anderson - BMO Global Asset ...
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                                                                            public

Property

Latest opportunities in property
markets
Guy Glover, Peter Lowe
Jason Anderson
Property Latest opportunities in property markets - Guy Glover, Peter Lowe Jason Anderson - BMO Global Asset ...
Investment risks                                                                                                  Classification: only to be shown if not public

The value of investments and any income derived from them can go down as well as up as a result of market or currency movements and
investors may not get back the original amount invested.

The value of directly-held property reflects the opinion of valuers and is reviewed periodically. These assets can also be illiquid and
significant or persistent redemptions may require the manager to sell properties at a lower market value adversely affecting the value of
your investment.

                                                                                                                                                              2
Property Latest opportunities in property markets - Guy Glover, Peter Lowe Jason Anderson - BMO Global Asset ...
Today’s agenda                                             Classification: only to be shown if not public

                 •   2019 – Market review

                 •   Property – Offering income in a low return environment

                 •   Amazon versus the rest – What next?

        Agenda   •   Brexit in four simple charts

                 •   Responsible property – A different approach

                 •   Opportunities for 2020

                 •   Questions

                                                                                                       3
Property Latest opportunities in property markets - Guy Glover, Peter Lowe Jason Anderson - BMO Global Asset ...
2019 – Property: a tough but balanced scrum   Classification: only to be shown if not public

 Historic low
 bond yields                                                            GDP
                                                                     forecasts

Risk premium

                                                                    Political
Low vacancy                                                        uncertainty

  Occupier
  demand                                                        Retail malaise

 Controlled
development
                                                                     Absolute
   Lower                                                              pricing
  leverage

                                                                                          4
Property Latest opportunities in property markets - Guy Glover, Peter Lowe Jason Anderson - BMO Global Asset ...
Sheds and beds, together with regional offices lead the way                                                                                                Classification: only to be shown if not public

South East industrials have been the strongest performer, delivering 11.2% over the year. Alternatives and Rest
of UK offices also performed well, delivering 6.3% and 6.4% respectively.
15%

10%

 5%

 0%

-5%

-10%

-15%

-20%
           Standard       Standard             Shopping     Retail    Office - City   Office - West Office - Rest   Office - Rest   Industrial -   Industrial -        Other         All Property
         Retail - South Retail - Rest of        Centre    Warehouse                    End & Mid    of South East      of UK        South East     Rest of UK                           Types
             East             UK                                                          Town
                                             Income Return      Market Value Rental Growth              Equivalent Yield Impact             Total Returns

Past performance should not be seen as an indication of future performance.
Source: MSCI UK Monthly Property Digest June 2019

                                                                                                                                                                                                       5
Property Latest opportunities in property markets - Guy Glover, Peter Lowe Jason Anderson - BMO Global Asset ...
Classification: only to be shown if not public

Offering income
in a low return
environment
Property Latest opportunities in property markets - Guy Glover, Peter Lowe Jason Anderson - BMO Global Asset ...
Property continues to offer an attractive income premium over fixed interest and gilts                                                                              Classification: only to be shown if not public

 Income return January 2000 – June 2019

    9

    8

    7

    6

    5                                                                                                                                                                                              5.2
%

                                                                                                                                                                                                   4.3
    4

    3
                                                                                                                                                                                                   2.2
    2

    1                                                                                                                                                                                                 0.75
    0                                                                                                                                                                                                   0.45
    Jan 00                  Jun 02                    Nov 04                     Apr 07                    Sep 09                    Feb 12           Jul 14        Dec 16                  May 19

        MSCI UK Monthly Property Index                              UK base rates                     10 year gilts                  BAML Sterling Non-Gilt Index     FTSE 100 Income Return

Past performance should not be seen as an indication of future performance.
Source: MSCI UK Property Index, Datastream as at 30-Jun-19. 10 year gilt as at 16-Aug-19. FTSE International Limited (“FTSE”) © FTSE 2019.

                                                                                                                                                                                                                7
Property Latest opportunities in property markets - Guy Glover, Peter Lowe Jason Anderson - BMO Global Asset ...
Importance of income as a counter to volatility                                                                                   Classification: only to be shown if not public

The contractually backed, relatively stable and consistently positive income return underpins property performance

                                                                  12 month All-Property Income Returns and Total Returns (%)
        25                                                                                                                                                       Income
                                                                                                                                                                   76%
        20

        15
    %

        10

         5

         0
             2010                  2011                  2012                 2013        2014       2015           2016   2017          2018                   2019
                                                                                     Income Return   Total Return

Past performance should not be seen as an indication of future performance.
Source: MSCI UK Quarterly Property Index for Standing Investments June 2019

                                                                                                                                                                              8
Property Latest opportunities in property markets - Guy Glover, Peter Lowe Jason Anderson - BMO Global Asset ...
Sustainable locations                                                                                   Classification: only to be shown if not public

       Staines-upon -Thames                                             Luton                                    Balham

•     Multi-let estate comprising two                  •   Lease to Homebase until Dec 2020     •   Long lease to Sainsbury’s with 14
      industrial units                                                                              years unexpired
                                                       •   Homebase to remain in 24,000 sq ft
•     Tenant in Unit B not in occupation                   at an improved rent                  •   Five yearly rent reviews with RPI
                                                                                                    linkage, compounded annually
•     Surrender agreed to facilitate a new             •   New foodstore and drive-thru being
      letting to Hire Station Ltd at a new                 developed on remainder of site       •   Future residential development site
      rent 30% higher than the previous
      passing rent.

Source: BMO Real Estate Partner as at September 2019

                                                                                                                                                    9
Property Latest opportunities in property markets - Guy Glover, Peter Lowe Jason Anderson - BMO Global Asset ...
Classification: only to be shown if not public

Amazon
versus
the rest
Retail sales are positive but online market share continues to grow                                                                                                                                       Classification: only to be shown if not public

The historic relationship between retail sales and retail rental growth has faltered. Online
penetration, particularly for non food, and rising input and occupancy costs are all factors.

Annual Retail Sales & Retail Rental Decline to 2019 (%)                                                                                                    Growing share of online sales (%)

10.0                                                                                                                                                      40
  8.0                                                                                                                                                     35
  6.0                                                                                                                                                     30
  4.0                                                                                                                                                     25
  2.0                                                                                                                                                     20
  0.0
                                                                                                                                                          15
 -2.0
                                                                                                                                                          10
 -4.0
                                                                                                                                                            5
 -6.0
                                                                                                                                                            0
 -8.0
        2000
               2001
                      2002
                             2003
                                    2004
                                           2005
                                                  2006
                                                         2007
                                                                2008
                                                                       2009
                                                                               2010
                                                                                      2011
                                                                                             2012
                                                                                                    2013
                                                                                                           2014
                                                                                                                  2015
                                                                                                                         2016
                                                                                                                                2017
                                                                                                                                       2018
                                                                                                                                              2019
                                                                                                                                                                                   Total Retail Sales   Non Food Sales
                      Annual Retail Sales                                     Annual Retail Rental Growth

Source: ONS as at August 2019, MSCI UK Monthly Property Index, PMA, DRSI                                                                             Source: Property Market Analysis (PMA) June 2019

                                                                                                                                                                                                                                                     11
So what’s the impact…?                                                                                            Classification: only to be shown if not public

Bricks and mortar retail is facing challenges from multiple factors, and there is a scarcity of new retailers
entering the market. Whilst we do not believe that in-store retailing is dead, the rulebook has been ripped up on
traditional retail.

  •                                 •   Bricks and mortar retail will   •   Significant rental declines
       Growth of online shopping                                                                            •   Even in stronger locations
       to continue                      still play an important part        in poorer, oversupplied
                                                                                                                rent models in retail assets
                                        of retailers’ strategies,           locations
  •    Retailers have to adapt to                                                                               are coming under scrutiny.
                                        supporting omni-channel         •   Shopping centres
       an omni-channel model            retailing                                                           •   Could turnover rents
                                                                            particularly suffering from a
                                                                                                                become the new norm?
                                    •   Stores become showrooms             ‘contagion’ effect
                                        and collection points as
                                        well as retailing locations

Source: BMO REP September 2019

                                                                                                                                                             12
But it’s not all bad news!                                                                          Classification: only to be shown if not public

The retail vacancy rate across the house portfolio is just 1.7%

     Winchester High Street               Edinburgh, Princes Street                    Rayleigh, 55 High Street

                                      •   Lease to Vodafone expiring in            •   15,400 sq ft high street unit arranged
•    Lease to Cath Kidston expired
                                          April 2021                                   over 4 storeys
     May 2019
                                      •   Vodafone put lease on market             •   Relet on a 10 year lease to Savers
•    Cath Kidston vacated
                                                                                       Health & Beauty
•    New 10-year lease to Seasalt     •   Two parties bidding for a new lease at
                                          higher rent                              •   New rent 7% ahead of valuation and
     agreed at a higher rent
                                                                                       sets strong comparable evidence for
•    Only two weeks’ void incurred                                                     the Fund’s holdings in Rayleigh (x2
                                                                                       outstanding rent reviews)

Source: BMO REP September 2019

                                                                                                                                               13
Brexit
Brexit – in four simple charts                                                                                                                        Classification: only to be shown if not public

                                         Net investment volumes (£m)                                                 Central London Office take-up (sq ft)
                      25,000                                                                            14,000,000
                      20,000                                                                            12,000,000
                                                                                                        10,000,000
                      15,000                                                                                                                                      City take up
                                                                                                         8,000,000
                      10,000                                                                             6,000,000
                                                                                                                                                                        ~
                                                                                                         4,000,000                                                1m sq ft in
                       5,000
                                                                                                         2,000,000                                                    July
                             0                                                                                   0
                                                                                                                       2015   2016   2017   2018   2019
                                                                                                                                                   YTD
                             Overseas             Domestic            Long-Run Average                                        City   West End

                                     Industrial 12 month total returns (%)                                    Construction cost index (100 = Jan 2010)
                   25.0                                                                                 125
                                                                                                        120
                   20.0
                                                                                                        115
                   15.0                                                                                 110
                                                                                                        105
                   10.0
                                                                                                        100
                     5.0                                                                                 95

                                                                                                              2014 Aug

                                                                                                              2015 Aug

                                                                                                              2016 Aug

                                                                                                              2017 Aug

                                                                                                              2018 Aug
                                                                                                              2015 Feb

                                                                                                              2016 Feb
                                                                                                              2016 May

                                                                                                              2017 Feb

                                                                                                              2018 Feb

                                                                                                              2019 Feb
                                                                                                              2014 May

                                                                                                              2014 Nov

                                                                                                              2015 May

                                                                                                              2015 Nov

                                                                                                              2016 Nov

                                                                                                              2017 May

                                                                                                              2017 Nov

                                                                                                              2018 May

                                                                                                              2018 Nov

                                                                                                              2019 May
                     0.0
                                 2016              2017               2018               2019

Source: Property Data July 2919, Savills August 2019, MSCI Monthly Index August 2019, ONS August 2019

                                                                                                                                                                                                 15
Our leading
ESG approach
Responsible Property Investment (RPI) – a comprehensive approach                            Classification: only to be shown if not public

✓ 100% renewable energy
✓ Green lease clauses
✓ GRESB participant – 40% increase in score- green
    stars awarded
✓ Intensity-based energy, water and waste reduction
    targets
✓ Sustainability reports acquired on acquisition
✓ Annual RPI reports produced – EPRA Gold Award in
    2019 for quality of reports
✓ ISO14001 Environmental Management
    accreditation across all managed assets
✓ Living Wage accreditation – BMO UK Property Fund

EPC = Energy Performance Certificate; GRESB = Global Real Estate Sustainability Benchmark

                                         Property interventions constantly monitored

                                                                                                                                       17
A spotlight on Royal Standard Place, Nottingham                                                    Classification: only to be shown if not public

Owning property assets directly allows for physical interventions to improve the environmental and social
impact of our buildings

                                                       •   £2.2m comprehensive refurbishment incorporating significant
                                                           sustainability improvements including:
                                                            ✓ High efficiency heating and cooling design for reduced
                                                              energy consumption
                                                            ✓ Roof-mounted solar panel system generating c.4,000 kWh
                                                              of renewable energy p.a.
                                                            ✓ Occupancy sensing lighting and water controls to reduce
                                                              unnecessary usage
                                                            ✓ Installation of three Electric Vehicle charging points
                                 £2.2m refurbishment
                                                            ✓ New cycle storage, shower and changing room facilities

Source: BMO REP September 2019

                                                                                                                                              18
Residential Responsible Investment                                                        Classification: only to be shown if not public

The BMO UK Housing Fund has been designed to impact the UK housing
shortfall by attracting long-term institutional investment through the
delivery of flexible build to rent stock nationwide.

It aims to:
• Create a mid priced long-term rental product targeting the mass market and
  incorporating affordable private rent
• Deliver a solution for an under provided segment of the residential market focused on
  low to middle income families such as key workers
• Build sustainable homes underpinned by sustainable communities
• Utilise an ESG approach that goes beyond traditional environmental concerns and
  supports the Fund’s investment objects by protecting income and improving the
  resilience of schemes
• Work with partners to achieve our joint social missions

                  Creating a sustainable and defensive income stream from a growth sector

                                                                                                                                     19
Opportunities
for 2020
Lower for longer                                                                                                   Classification: only to be shown if not public

With global bond yields set to remain ‘lower for longer’, property returns could be boosted due to the strong
inverse relationship between returns and the lagged yield gap

         UK All Property Returns (% pa)
14.0

12.0

10.0

 8.0

 6.0

 4.0

 2.0

 0.0
            2015          2016     2017     2018   2019     2020      2021      2022   2023     2024      2025      2026           2027            2028

                                   Main scenario     Main Growth Lower Bond Yields     Lower Growth & Lower Bond Yields

Past performance should not be seen as an indication of future performance.
Source: PMA Summer Scenario 2019

                                                                                                                                                              21
Sectors for opportunity                                                                                  Classification: only to be shown if not public

BMO REP Forecast Total Returns by Segment 5 years to 2023 - per cent per annum

 South Eastern offices                                                                                                        6.0
       West End offices                                                                                        5.3
              Distribution                                                                                  5.2
     Rest of UK offices                                                                                     5.2
              City offices                                                                                  5.2
    Standard industrial                                                                                  5.0
             Alternatives                                                                          4.7
             All Property                                                             3.6
     Retail warehouses                                              2.0
          Standard retail                                   1.4
      Shopping centres         -1.6
                             -2.0     -1.0   0.0     1.0          2.0        3.0            4.0      5.0                  6.0                  7.0

Estimates and forecasts are provided for illustrative purposes only. They are not a guarantee of future performance and should
not be relied upon for any investment decisions. Estimates are based on assumptions and subject to change without notice.
This is a projection for information purposes only and is not guaranteed.
Source: BMO REP July 2019

                                                                                                                                                     22
Positioned to perform                                                                         Classification: only to be shown if not public

           Bury St Edmunds                               Leeds                              Basingstoke

  •    Long-let hotel leased to           •   Multi-let regional office building    •   Single-let well-specified
       Travelodge for 20 years                situated in the heart of Leeds CBD        distribution asset located in
                                                                                        Basingstoke, with close links to
  •    Drive-thru Starbucks on site       •   One small suite to let – some
                                                                                        the M3
       leased for 25 years                    competition from serviced offices
                                                                                    •   Let on a 10 year lease to Bunzl
  •    Both leases provide for 5-yearly   •   ‘Plug and play’ fit-out provided to
                                                                                        UK Ltd at c.£9 psf
       fixed uplifts linked to RPI            appeal to smaller occupiers
                                                                                    •   Potential to capture rental growth
  •    Yielding 5%+ with inflation-       •   Suite now let at £33 psf, compared
                                                                                        at rent review
       linkage                                to an ERV of £26 psf
Source: BMO REP September 2019

                                                                                                                                         23
Today’s agenda                                               Classification: only to be shown if not public

                     • No exuberance in values since 2016 –
                       Brexit has dampened the cycle

                     • Retail is severely challenged
     UK Property
     – risks and     • Asset management can preserve or add value

     opportunities   • Industrial is the star performer but caution on over
                       exuberance

                     • Income dominates future positive return

                                                                                                        24
Appendix
Friars Square Shopping Centre – A Cautionary Tale                                                                                                                                                                                                                                                                                                                                                                              Classification: only to be shown if not public

            Friars Square leasing Plan as at 2015                                                                                                                                                                                                                                           Friars Square leasing Plan as at 2019

                                                                                                                            Porcelland                                                                                                                                                                                                                                                                          Dead Universe Comics

                                                                                                                                                                                                                                                                                                                                                                                                                  SW1 Barbers
                                                                         Supercuts

                                                                                                                        Barbers
                                                                                                                                                                                                                                                                                                                                                            Supercuts

                                                                                                                         SW1
                                                                                16A/17A                                                             Noodle                                                                                                                                                                                                        16A/17A
                                                                                                                                                                                                                                                                                                                                                                                                                                                      Noodle Nation
                                                                                                                                                    Nation
                                                                                                                            12       13       8/10                                                                                                                                                                                                                                                                                   12        13       8/10

                                                         New Look                                                                                                                                                                                                                                                                       New Look

                                       Next                                                                                                                                                                                                                                                                     Next

                                                                                                                                                                                                                                                                                                                                                                                          Superdrug
                                                                                                      Superdrug

                                                                                                                                                                Blue Inc.
                                                                                                                  Office

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  Clarks
                                                                                                                                                                                                                                                                                                                                                                                                       Office
                                                                                                                                  H&M                                                                                                           1A
                                                                                                                                                                                                                                                                                                                                                                                                                                          H&M
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 1A   Wenzels

                                                                                                                                                                                                                    Clintons

                                                                                                                                                                                                                                     Claire’s

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              Smiggle

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             Clintons

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      Claire’s
                                                    20           16/17                                                                                                                                                                                                                                                         20                  16/17

                                                                                                                                                                                                                                                1B   Caffé Nero                                                                                                                                                                                                                                                                                                                  1B   Caffé Nero
                                                                                                                                                                                                                                                                                                       River Island
                          River Island        21                                              12A/15                7                        5/6                               4                                               2/3         1    1C   Mr Simms Olde                                                       21                                                     12A/15                     7                                          5/6                                          4                                    4A              2/3                  1   1C   Eurochange
                                                                                                                                                                                                                                                     Sweete Shoppe

                                                                                                                                                                                                                                                                                                                                                                                                                            39             40           41                 42                             43         44
                                              22                                                                                                                                                44        45   46                                                                                      Shoe Zone
                                                                                                                                                                                                                                                                                                                         22
                                                         K4               P1                  38                                  39/40       41       42                      43                                                                                                                                                       K4                  P1                  38

                                                                                                                                                                                                                                                                                                                                                                                                                    Vision Express
                                                                                                                                                                                           Ernest Jones

                                                                                                                                                                                                                                                                                                                                                                                                                                                                   Warren James
                                                                                               H. Samuel

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           Holland & Barrett
                                         2723/24                                                                                                                                                                                                                                                                   2723/24                                                           H. Samuel

                                                                                                                                                     Thortons
                                                                                                                                          Pandora

                                                                                                                                                                       Holland & Barrett

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               Ernest Jones
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              45/46

                                                                                                                                                                                                                                                                                                                                                                                                                                                    Pandora
    Surelock Holmes                                                                                                                                                                                                  Shoe                                            Surelock Holmes

                                                                                                                                                                                                                                                                                                                                                                                                                                          EE
                                                                                                                                                                                                                                                                                                                                               TopShop
                                                                                                                                                                                                                                                                                                            To Let

                                                                                                                                                                                                          EE
                                                              TopShop                         37                                                                                                                                                                                                                                                                                37                                                                                                                                                  Metro
Dead Universe Comics   25A 25                                                                          O2                                                                                                            Zone                                                 Pumping Iron        25A      25                                      TOPMAN                                      O2                                                                                                                                       Bank

                                                                          K1                                                                                                                                                                                                                                                                                K1
                                                                                              36                                                                                                                                                                                                                                                                                36
                                                         K5                                                                                                                                                                                                                                                                             K5
                                                         K6                                              3 store                                                                                                                                                                                                                        K6                                                       3 store

                                                                    K3    K2                                                                                                                                                                                                                                                                           K3   K2
            Peter’s      26
                                Trespass      27                                              35                                                                                                                                                                                         To Let
                                                                                                                                                                                                                                                                                                  26
                                                                                                                                                                                                                                                                                                            Trespass
                                                                                                                                                                                                                                                                                                                         27                                                     34&35
                                                                                                                                                                                                                                                                                                                                                                                                                                                              LG
      HaIrdressers                            28                                                                                                                                                                                                                                                                         28
                                                                                                                                                                                                                                                                                                                                                                                        The Entertainer
                       Roman Originals                                                        34
                                                                                                   Perry’s Aylesbury                                                                                                                                                                                Cards Direct                                                                                                                                              The Gym Group
                                                                                              33                                                                                                                                                                                                                                                                                33
                                              29
                                                                                                   Pink Squirrel                                                                                                                                                                                       Roman
                                                                                                                                                                                                                                                                                                                         29
                                                                                                                                                                                                                                                                                                                                                                                         To Let
                                                                                              31/32                                                                                                                                                                                                                                                                             31/32
                              Burton
                                                                                                   Waterstones                                                                                                                                                                                                                                                                           Waterstones
                       Dorothy Perkins                                                                                                                                                                                                                                                                 To Let
                                                   STORE B                     STORE A                                                                                                                                                                                                                                        STORE B                            STORE A

                                       BHS                                                House of Fraser                                                                                                                                                                                                                                                                   House of Fraser
                                       Wallis                                                                                                                                                                                                                                                                  To Let

                                                                                                                                                                                                                                                                                                                                             Amazon
                                                                                                                                                                                                                                                                                                                                             Lockers

          Source: Friars Square

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             26
Disclaimer                                                                                                                                 Classification: only to be shown if not public

Views and opinions have been arrived at by BMO Global Asset Management and should not be considered to be a recommendation or solicitation to buy or sell
any products that may be mentioned.
This document:
•   has been issued and approved by, and is the sole responsibility of, BMO REP Asset Management plc of 7 Seymour Street, London W1H 7JW (“BMO REP”)
    which is authorised and regulated by the Financial Conduct Authority in the United Kingdom (registration no. 119283).
•    is for professional investors/advisers only and the information in it may not be appropriate for all persons in all jurisdictions in the world. By accepting this
    document, you represent and warrant that you are an appropriate person to receive such information.
•   should not be considered as nor constitute as any investment, tax, legal or other advice and you should obtain specific professional advice before making any
    investment decision. Nor is it an offer or solicitation to deal in any of the investments or funds mentioned in it, by anyone in any jurisdiction in which such offer or
    solicitation would be unlawful or in which the person making such an offer or solicitation is not qualified to do so or to anyone to whom it is unlawful to make
    such offer or solicitation.
•   contains confidential information belonging to BMO REP and/or third parties and is supplied to you solely for your information and may not be forwarded to any
    other person, reproduced or published in whole or in part for any purpose.
No representation or warranty, express or implied, is given by BMO REP, or any other person as to the accuracy or completeness of the information or opinions
contained in this document. Save in the case of fraud, no liability is accepted for loss arising whether directly or indirectly as a result of the reader, any person or
group of persons acting on any information or opinion contained in this document.
© 2019 BMO Real Estate Partners LLP. Registered in England and Wales with number OC338377. Registered Office: 7 Seymour Street, London W1H 7JW. BMO
REP Asset Management plc is a subsidiary of BMO Real Estate Partners LLP and are members of the BMO Financial Group, which is itself wholly-owned by the
Bank of Montreal.
FTSE International Limited (“FTSE”) © FTSE 2019. “FTSE®” is a trade mark of the London Stock Exchange Group companies and is used by FTSE International
Limited under licence. All rights in the FTSE indices and/or FTSE ratings vest in FTSE and/or its licensors. Neither FTSE nor its licensors accept any liability for
any errors or omissions in the FTSE indices and/or FTSE ratings or underlying data. No further distribution of FTSE Data is permitted without FTSE’s express
written consent.

The BMO UK Housing Fund mentioned is the BMO UK Residential Real Estate FCP-RAIF, a reserved alternative investment fund in the form of a common
investment fund.

                                                                                                                                                                                      27
Contact us                                                                                                                                                                              Classification: only to be shown if not public

BMO Global Asset Management (EMEA) – Head Office                                                                               BMO Global Asset Management – Edinburgh
Exchange House                                                                                                                 6th Floor, Quartermile4,
Primrose Street                                                                                                                7a Nightingale Way,
London EC2A 2NY                                                                                                                Edinburgh EH3 9EG
Tel: +44 (0) 20 7628 8000                                                                                                      Tel: +46 (0) 207 628 8000

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