Morley Fund Management today announced that it is to partner with CB Richard Ellis Global Real Estate Securities, a subsidiary of CB Richard Ellis Investors, LLC (CBRE Investors) to launch the Aviva Funds Global REIT Fund. Morley is the largest property fund manager in Europe and the UK.
Morley Fund Management today announced that it is to partner with CB Richard Ellis Global Real Estate Securities, a subsidiary of CB Richard Ellis Investors, LLC (CBRE Investors) to launch the Aviva Funds Global REIT Fund. Morley is the largest property fund manager in Europe and the UK*.
The fund which is a sub-fund of a Luxembourg SICAV, will invest in listed real estate securities across the globe, focusing on those markets which either have, or are likely to have, REITs, including the UK, Europe, the US, Canada, Asia and Australia.
The fund will target institutional and retail investors in Europe and the UK and it will have a performance target 100bps above the UBS Global Property Investors benchmark.
Chris Laxton, head of external property funds at Morley, said: "Morley has partnered with CBRE because of its strong coverage of global property markets and its dedicated Global Listed Real Estate Securities Team.
“The team offers intimate direct property market knowledge and experience, as well as listed real estate securities experience, supporting informed investment decisions based on direct access to global market information.
“Since 1990 the value of the global REIT market has increased from $150bn to more than $640bn**. This rapid growth is set to continue with the imminent launch of REITs in the UK and Germany.
“Global REITs offer investors a significant source of diversification, excellent liquidity and generally lower volatility compared to other equity asset classes.”
Jeremy Anagnos, co-CIO of CB Richard Ellis Global Real Estate Securities, added: "We announced last year our intention to launch REIT funds and this partnership with Morley Fund Management demonstrates that commitment. We have undergone a rigorous selection process, as has Morley, to create what we believe is a best of breed offering for investors.
“Morley is one of the leading investors in UK property and now a major force in Europe. Investing in Global REITs requires on-the-ground knowledge of local property markets and I believe that CBRE Investors’ international platform, combined with Morley’s European property expertise gives us a significant advantage in selecting markets and stocks and will ensure that the Aviva Funds Global REIT Fund performs consistently well."
The fund is subject to regulatory authorisation in the UK and other European markets.
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* Oxford Property Consultants, 31 December 2005
** FTSE EPRA/NAREIT Global Property Index, 31 December 05
For further information please contact:
Strahan Wallis
Morley Fund Management
Corporate Communications
Tel: 020 7809 8618
E-mail: strahan.wallis@morleyfm.com
Beth Saint
Morley Fund Management
Corporate Communications
Tel: 020 7809 8125
E-mail: elizabeth.saint@morleyfm.com
Notes to editors:
Morley Fund Management
Morley Fund Management Limited is the UK-based asset management business of Aviva plc. Firms within the Morley group of companies manage Ł155bn from offices around the world as at 31 January 2006. The property team manages in excess of Ł23 billion of UK and European property assets, making Morley the largest property fund manager in Europe.
Winners of the high profile Property Week Fund Manager of the Year Award 2004 and the UK Pensions Awards Property Fund Manager of the Year 2005, the team consists of over 70 investment professionals and manages a range of funds on behalf of institutional, wholesale and retail clients. Morley has been at the forefront of innovation in property fund management and has launched eleven specialist sector based funds with partners, including the Jersey-based Unit Trusts: Igloo Regeneration Fund, Quercus Healthcare Property, The Junction and The Mall.
Further information about Morley Fund Management can be found at www.morleyfm.com
CB Richard Ellis Investors, LLC
CB Richard Ellis Investors, LLC (CBRE Investors), a global real estate investment management firm with over $17 billion in assets under management, sponsors investment programs across the risk/return spectrum for institutional investors worldwide. CBRE Investors is an independently operated affiliate of CB Richard Ellis (NYSE:CBG), and harnesses the research, investment sourcing and other resources of the world's largest real estate services company (in terms of 2005 revenue) for the benefit of its investor clients and partners. Including partners and affiliates, CB Richard Ellis has over 300 offices in more than 50 countries. For more information about CB Richard Ellis Investors, please visit www.cbreinvestors.com.