SCHEME PARTICULARS

Contents
Responsibilities in respect of the investment
powers of charity trustees
1. Definitions
2. The Multi-Strategy Property Trust for
Charities
2.1 The Trust 6
2.2 The Manager 6
2.3 The Real Estate Investment Adviser 6
2.4 The Administrator 6
2.5 The Trustee 6
2.6 The Standing Independent Valuer 7
2.7 Custodian 7
2.8 Registrar 7
2.9 Auditors 7
3. Investment objectives
and policies of the Trust
3.1 Investment objectives 8
3.2 Investment policies 8
4. Participation in the Trust
4.1 Units in the Trust 9
4.2 Eligibility to participate 9
4.3 Money laundering prevention 9
4.4 Conflicts of interest 9
5. Remuneration of the Manager,
the Real Estate Investment Adviser,
the Trustee and other expenses
5.1 Manager’s fees 11
5.2 Real Estate Investment Adviser’s fees 11
5.3 Trustee fees 12
5.4 Custodian’s fees 12
5.5 Registrar’s fees 13
5.6 Other expenses 13
6. Pricing of Units
6.1 Dealing price 15
6.2 The price of Units 15
6.3 Publication of prices 15
7. Valuation of the Trust
7.1 Basis of valuation 16
7.2 Special valuation provisions 16
7.3 Suspension of valuation and dealing in
Units 17
7.4 Valuation basis 17
8. Subscriptions, redemptions
and transfers
8.1 Minimum value of holdings 18
8.2 Dealing 18
8.3 Subscribing for Units 18
8.4 Redeeming Units 18
8.5 To buy Units in exchange for the transfer
to the Trust of real property 19
8.6 Redemption notice period 19
8.7 Pro-rata redemptions 19
8.8 Transfer of Units 20
8.9 Dilution adjustment 20
9. Allocation and distribution to
Participating Charities
9.1 Allocation 21
9.2 Income allocation dates 21
9.3 Income reserve 21
9.4 Equalisation 21
10. Investment and borrowing powers
10.1 General powers and policies 22
10.2 Investment restrictions 22
10.3 Collective investment schemes and
closed-ended funds 22
10.4 Efficient portfolio management and
currency hedging 23
10.5 Cash and Near Cash 23
10.6 Borrowing 24
11. Tax
11.1 Tax exemptions and reliefs 25
11.2 Distributions 25
11.3 Property Index Certificates 25
11.4 Current Law 25
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