Toby Dean
Chief Executive
Toby Dean is the Chief Executive of Clipstone. He is responsible for investor relations and overseeing acquistions and sales.
More detailsClipstone Industrial REIT plc
Clipstone Industrial REIT plc was launched in 17 December 2014. Its shares are listed on The International Stock Exchange.
The REIT targets London and South East industrial properties that are capable of improvement through asset management. As at 30 June 2026 76% of the REIT’s properties were located in the South East of which 24% are in the London / M25 region.
The REIT targets South East industrials as there is a supply and demand imbalance in this sector, partly due to the reduction of industrial space as it is converted to higher value uses and a lack of development due to high land and construction costs. This supply and demand imbalance is expected to lead to rental and therefore capital growth.
Total Returns to 30 June 2026
Key Fund Data
as of 30 June 2026
| Number of Properties | 12 |
|---|---|
| Aggregate Value | £58.3m |
| NAV Per Share | £1.9121 |
| Number of Tenants | 41 |
| Vacancy Rate | 6.5% |
| Vacancy Rate if units under offer complete | 5.4% |
| Loan to Value | N/A – no debt |
| Projected Distributions: | 6.5p per share |
| Total Return since launch in December 2014 | 179.2% |
Properties by region
Recent Shareholder updates
- June 2026 Investor Update (PDF 1.2mb)
- March 2026 Investor Update (PDF 0.9mb)
- December 2025 Investor Update (PDF 2.7mb)
- March 2025 Investor Update (PDF 2.4mb)
- December 2024 Investor Update (PDF 2.4mb)
- September 2024 Investor Update (PDF 2.4mb)
- June 2024 Investor Update (PDF 1.6mb)
- March 2024 Investor Update (PDF 1.5mb)
- December 2023 Investor Update (PDF 1.2mb)
- September 2023 Investor Update (PDF 1.6mb)
- August 2023 Investor Update (PDF 1.4mb)
- March 2023 Investor Update (PDF 1.3mb)
- December 2022 Investor Update (PDF 1.2mb)
- September 2022 Investor Update (PDF 1.1mb)
- June 2022 Investor Update (PDF 1.21mb)
Fund Management Team
Marc Cowley
Chief Investment Officer
Marc Cowley is the Chief Investment Officer at Clipstone. He previously worked at CBREGI, one of the world’s largest real estate fund management houses.
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Andrew Windle
Fund Manager
Andrew is the Fund Manager at Clipstone, previously spending eight years in the Industrial and Logistics team at M&G Real Estate.
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Paul Priestley
Head of Asset Management
Paul has 21 years' experience in real estate, including asset management, leasing, development, refurbishment and dilapidations.
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Richard Demarchi
Chief Operations Officer
Richard Demarchi is the Chief Operations Officer at Clipstone.
More detailsNon-Executive Directors
Ewen Cameron Watt
Independent Non-Executive Chairman
Ewen is currently non-executive Chair of Schroder Income Growth Fund plc, a FTSE 350 investment trust. He has led investment teams at Mercury Asset Management, which subsequently became part of BlackRock, where he helped establish the BlackRock Investment Institute in 2011. Ewen served as Chief Investment Strategist to Blackrock from 2011 to 2016. He is currently a Senior Adviser to Actis, one of the largest and longest-standing sustainable infrastructure investors globally, and sits on the investment committee at Oriel College, Oxford.
Anna Rule MRICS
Independent Non-Executive Director
Anna has over 20 years’ property industry experience. She is currently Head of Real Assets at RPMI Railpen, where her responsibilities include the management of Railpen’s £2.2 billion of property assets. Railpen (The Railways Pension Scheme) is one of the UK’s largest and longest established pension funds with £30 billion of assets under management.
Previously at Cushman Wakefield and then a fund manager for a number of institutional funds at Aviva Investors.
Anna is a Member of the Royal Institution of Chartered Surveyors and a non-executive director of The King’s Fund.