In this discussion, Marcus Phayre-Mudge, the manager of TR Property, offers deep insights into the evolving landscape of commercial property investment. He highlights emerging opportunities amidst signs of market stabilization and explains how shifting economic factors impact valuations. The conversation delves into the growing role of private capital in real estate, the outlook for smaller investment trusts, and strategic insights into sectors like healthcare and self-storage. Phayre-Mudge's expert analysis sheds light on industry trends and offers a roadmap for savvy investors.
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insights INSIGHT
Steady Real Estate Fundamentals
Despite market volatility, real estate fundamentals have steadily improved due to a subdued development cycle.
This shortage of prime buildings amid robust demand drives rental growth, especially in CBD offices.
insights INSIGHT
Interest Rates and Growth Dynamics
Interest rate levels are uncertain, but access to capital and spreads over benchmark rates support confidence.
The fundamental driver is the end of zero growth and supply-demand imbalances, particularly in major European markets.
insights INSIGHT
Investment Trust M&A Drivers
M&A in investment trusts targets externally managed small trusts with misaligned fees and lack of scale.
Investors increasingly demand alignment with share price and prefer larger, consolidated trusts for efficiency and governance.
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The Money Makers Investment Trusts Podcast is taking a short break following this edition while Jonathan is away on holiday, but it will return in a week or two so keep those subscriptions active!
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In this edition of the Money Makers Investment Trusts Podcast, Jonathan Davis, editor of the Investment Trusts Handbook and winner of the 2024 AIC Best Broadcast Journalist Award, is joined by Marcus Phayre-Mudge, manager of TR Property (TRY).
This discussion was recorded on Thursday 12 June 2025.
*** Out now: The 2025 Investment Trusts Handbook ***
The Investment Trusts Handbook is an independent educational publication designed to provide investors with a handy annual reference book that summarises all you need to know about investment trusts. Now in its eighth year, the Handbook is a high-quality, full-colour hardback of more than 340 pages, the largest yet, with reviews of the past year, extensive interviews and commentary, plus nearly 80 pages of “how to” information and performance data. Available to order from Harriman House (https://harriman-house.com/ithb2025) or Amazon. There is also a free e-book version you can read on a PC, tablet or smartphone, plus an audiobook version.
***
Section Timestamps:
0:00:24 - Introduction
0:00:39 - Signs of green shoots
0:06:21 - Economic growth, interest rates, and commercial property valuations
0:12:16 - Activity and deals in the investment trusts sector
0:19:06 - A place for smaller trusts
0:24:34 - A short break
0:25:41 - Healthcare commercial property
0:28:40 - Other specialist property sectors
0:32:47 - Cost disclosure and discounts
0:37:57 - TR Property (TRY)
0:44:26 - Why invest in TRY over other REITs
0:47:00 - Close
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