Investor Notice – Suspension TM home investor fund

TM home investor fund (“PAIF) and TM home investor feeder fund (“Feeder”)

Suspension of dealing - COVID-19 and Standing Independent Valuer’s (“SIV”) material uncertainty It is with regret that a decision has been made to suspend dealing in the TM home investor fund (“PAIF”), and TM home investor feeder fund (“Feeder”), together the (“Funds”).

The Funds’ SIV (CBRE Limited) in line with all major property fund valuers in the UK confirmed they will add a material uncertainty clause to the March valuations of the underlying property assets held in the PAIF.

As a result, the Funds’ Authorised Fund Manager (Thesis Unit Trust Management Limited), in consultation with the Funds’ Depositary, has decided that dealing in the Funds has, in accordance with FCA rules, been suspended effective from 10:30pm on 17 March 2020.

The suspension is in line with our obligation to act in the best interests of unitholders and is currently the only option to ensure that incoming, outgoing and remaining investors are not unduly impacted by the material uncertainty on pricing of the underlying properties. This suspension is in common with other authorised openended property funds, which have also suspended this week on the same material uncertainty basis. The material uncertainty to property values is being applied across the whole UK market without any distinction between sub–asset classes, such as between commercial, student or residential property funds, or the regional focus of a fund (such as UK versus global).

The Funds are not suspending for liquidity or performance purposes and without the material uncertainty opinion from the SIV, the Funds would have continued to accept dealing instructions and operate as normal.

The Funds will continue to be managed in accordance with their investment objective and be priced daily. However, any dealing instructions we receive during this period of suspension will be rejected until such time as the suspension on dealing in the Funds is lifted.

As of today, the TM home investor fund holds 207 properties, of which 94% are occupied. Excluding the recently acquired properties in Smethwick near Birmingham, the occupancy of the underlying properties is 99%.

We are working closely with the Property Manager (Touchstone Corporate Property Services Limited) to ensure our tenants receive the best possible service over the coming weeks and months, wherever possible, and taking into consideration the latest Government and NHS guidance, a “business as usual” approach is being followed.

As a responsible and considerate landlord, we aim to support tenants with financial difficulties or practical issues caused by COVID-19. As an example, a tenant who is an NHS key worker asked us today to rescind their recent notice to vacate the property, which we have agreed to, and have removed this property from the lettings market.

This is important to ensure that, insofar as possible, rental incomes continue to be received and form part of the Funds’ value.

For more information as it becomes available please visit our website www.tutman.co.uk.

For financial advisers, please speak to your business development manager at Hearthstone Asset Management Limited for further information. If you need to remind yourself of their contact details, please check on the website www.homeinvestor.fund.

Should you require any further assistance please do not hesitate to contact the AFM on 01243 531234 or alternatively, you may contact the Property Investment Manager’s (Hearthstone Asset Management Limited) Client Services Team on 020 3301 1300 or by e-mailing hi@homeinvestor.fund.