Introduction
The Trust was created in 1967 to enable unitholders to participate mutually in a professionally managed scheme investing in real property without prejudicing their tax exempt status and freeing them from the burden of management.

The investments of the Trust consist primarily of freehold, leasehold land and buildings and it is the policy of the Committee of Management to spread these investments over a wide range of properties, so as to maintain a balanced investment portfolio with capital growth potential and beneficial yield. Properties may also be acquired, developed or otherwise dealt with by way of joint ventures.

The Trust is permitted to borrow. The amount borrowed, including guarantees and indemnities, must not exceed a maximum of 30% of the total assets of the Trust. Long term gearing is not currently a feature of the Trust's investment policy.

In January 2001, the Fund changed Property Managers and Hermes Property Asset Management Limited (now Hermes Real Estate Investment Management Limited) became the new asset managers; at the same time the Trust changed its name from Hill Samuel Property Unit Trust (HSPUT) to Hermes Property Unit Trust (HPUT).