Aviva Investors raises over £200 million for UK recovery fund
15 January 2010
- Fund purchases three UK commercial property assets
(London): Aviva Investors announced today it has raised in excess of £200 million for the Aviva Investors UK Real Estate Recovery Fund. The closed-ended, ungeared fund seeks to invest in UK commercial real estate across a range of high-performing sectors over a five year period. The fund is aimed at institutional investors.
Fund Managers Rob Walton, Head of UK Institutional Real Estate Funds, and Anna Rule, Senior Fund Manager – Real Estate, have over 30 years combined commercial real estate experience and have worked together for the last six years at Aviva Investors.
Richard Jones, Head UK Real Estate, Aviva Investors, commented: “We are delighted by the level of investor interest in our UK Recovery Fund. This can be taken as a vote of confidence from investors in the prospects for UK commercial property and the quality and expertise of the Aviva Investors real estate business, at a time when numerous fund providers are looking to raise money.”
Since launch at the end of November 2009, the fund has purchased three properties in separate transactions, with a further two due to exchange imminently. The five assets will total approximately £50 million.
Rob Walton commented: “The fund’s strategy is to acquire lower risk assets that are let to strong covenants on long leases in sectors and sub-sectors that we forecast to be top performers. These acquisitions meet those criteria, with leases ranging from 10 to 25 years, the majority having minimum or fixed uplifts on reviews.
“The first three assets the fund has purchased are a hotel with supermarket, a provincial office and a retail warehouse. We expect to exchange on two more properties in the near future; another retail warehouse and a Greater London high street retail property. We are currently working on a strong pipeline of other opportunities and look to be fully invested by mid 2010.”
Aviva Investors manages over £21 billion in real estate assets globally (as at 30 June 2009).
– Ends –
For more information contact:
+44 (0)20 7809 8313
Notes to Editors
Aviva Investors is the global asset management business of Aviva plc. The company delivers investment management solutions, services and client-driven performance to clients worldwide. Aviva Investors operates in 15 countries in Asia Pacific, Europe, North America and the United Kingdom.
- Aviva is the world’s fifth largest insurance group*, serving 50 million customers across Europe, North America and Asia Pacific.
- Aviva’s principal business activities are long-term savings, fund management and general insurance, with worldwide total sales of £24.4 billion for the six months to 30 June 2009 and funds under management of £352 billion at 30 June 2009, of which Aviva Investors manages £222 billion.
*Based on gross worldwide premiums for the year ended 31 December 2008
Aviva Investors Global Services Limited
No. 1 Poultry, London EC2R 8EJ
Phone +44 (0)20 7809 6000
Fax +44 (0)20 7489 7940
Email email@example.com Aviva Investors Global Services Limited, registered in England No. 1151805. Registered Office: No. 1 Poultry, London EC2R 8EJ. Authorised and regulated in the UK by the Financial Services Authority and a member of the Investment Management Association.
Contact us at Aviva Investors Global Services Limited, No. 1 Poultry, London EC2R 8EJ. 10/0016/-
Telephone calls may be recorded for training and monitoring purposes.
Related NewsAviva Investors and Capital & Continental to build a commercial building in St-Ouen, Paris
4 October 2010Aviva Investors strengthens UK & Europe real estate business development
15 September 2010Aviva Investors successfully secures necessary consents for the restructuring of the Mall Fund with Capital & Regional
16 July 2010Aviva Investors expands REIT capabilities with North American portfolio manager appointment
14 July 2010Aviva Investors to take over as investment manager and ‘Authorised Corporate Director’ of the Henderson International Property Fund
7 July 2010