The Cubic Property Fund is a listed fund that invests directly in commercial property in the United Kingdom and selected European countries. This website is intended for professional investors only. The information on this website is for information purposes only and does not constitute an offer or a solicitation, or an investment recommendation by the Cubic Property Fund. If you are a professional investor, please click here. If you are a retail investor, contact your financial advisor before making investment decisions, as the Cubic Property Fund is not suitable for all investors. Cubic Property Fund does not offer investment advice.


The information on this website is not directed at any person in the United Kingdom nor is any such person eligible to act on the information contained herein unless such person is an professional investor. A “professional investor” for these purposes means an investment professional or high net worth company as defined in sections 19 and 49 respectively of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005, which include: 1) an authorised person under the Financial Services and Markets Act 2000; 2) a high net worth company with called up share capital or net assets of at least £5 million; 3) a trust with assets of at least £10 million; or 4) any other person to whom the material on this website may otherwise lawfully be directed in accordance with the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005. Before proceeding to your preferred selection, you are reminded that your use of this site is subject to express terms and conditions of use.
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The Fund is an internally managed alternative investment fund (“AIF”) for the purpose of the Alternative Investment Fund Managers Directive 2011/61/EU (“AIFMD”). The Fund may not be marketed (within the meaning given to the term “marketing” under the AIFMD), and this website may not be accessed by any prospective investors domiciled or with a registered office in any Member State of the European Economic Area (“EEA”) unless: (i) the Fund benefits from the transitional provisions of Article 61 of the AIFMD (as transposed into domestic law) in the relevant EEA Member State in relation to such marketing; (ii) the Fund may be marketed under any other private placement regime or other exemption in the relevant EEA Member State; or (iii) such marketing was initiated by the prospective investor and not by the Fund or any other person/entity acting on behalf of the Fund.

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Case study — Copenhagen

In 2011, The Fund’s investment advisers identified the Copenhagen retail market as having significant growth opportunities, offered by its rapidly growing tourism industry and high domestic spending power; It was a retail market largely under- served by international retailers.

A retail portfolio was assembled for The Fund between Q2 2012 and Q1 2014, at a time when few international investors were in the market and yields were heavily discounted, in comparison to other European capital cities.

The portfolio consists of five prime retail assets; a block of three located on Købmagergade, a prime pedestrian shopping street in the Old Town of Copenhagen, whilst 24 Cubic Property Fund | Annual Report 2017 the other two are on Østergade and Vimmelskaftet. The units are let to international retailers, including Superdry and Benneton.

Active asset management initiatives helped to further increase the value of the portfolio. The development of a new 8,000 sq ft ground floor unit within the Købmagergade property, which was completed in Q2 2016, was let to international retailer Superdry, increasing rent by 200% since acquisition.

Since entering the Copenhagen market in 2012, the local retail market has evolved due to the influx of international retailers entering the market, helping to drive the rental and capital value of the assets.

The portfolio was sold in Q1 2017 for €119m, achieving a 154% return on equity.

Case study — Oslo

In 2014 Østensjøveien 27 was identified as an opportunity to purchase a high-quality environmental impact building in a growth area of Oslo.

Oslo is the capital and most populous city in Norway with an urban population of approximately 940,000. The property is located in the Helsfyr district, a residential and commercial location approximately 3km east of the CBD and near several public transportation hubs.Østensjøveien 27 comprises 16,766 sqm (180,000 sq ft) of high quality open plan office accommodation, arranged over six floors.

The building was designed by Danish architect Henning Larsen Architects and holds a BREEAM “Excellent” rating, owning to its sustainability credentials, and on completion in Q3 2014 was ranked one of the 100 most sustainable office buildings in the world.

Throughout ownership the property provided consistent returns to investors alongside sustained capital growth.

In Q4 2016, Østensjøveien 27 sold for NOK 540,000,000 and represented an 81.7% return on equity and 23.5% IRR.