Norwich Union is to launch a global property fund giving investors an opportunity to invest in commercial property companies in the US, Asia, Canada, Australia and Europe.
Norwich Union is to launch a global property fund giving investors an opportunity to invest in commercial property companies in the US, Asia, Canada, Australia and Europe.
The Norwich Global Property Fund will invest in between 50 and 75 real estate investment trusts and be available from 27 November 2006.
Real estate investment trusts (REITs) are listed companies that own income-producing real-estate related assets such as office buildings, retail shopping centres and logistic warehouses. Because they are publicly listed securities, REITS enable investors to transfer money in and out of the market easily.
REITS diversify portfolios by giving exposure to property-based securities. In general they do not pay corporation tax and have to distribute most of their income as dividends.
The fund will be managed by Morley Fund Management and CBRE Global Real Estate Securities. Morley will be the lead manager and has overall responsibility for formulating strategy and managing the funds UK and European investments. CBRE will be responsible for managing all investments outside Europe and will focus on US and Asia Pacific markets. The fund manager will be Paul van de Vaart. (See notes to editors).
In the past 18 months Norwich Union has:
- Launched the Norwich UK Special Situations fund, managed by Schroders
- Added 61 funds to Portfolio life bond
- Launched the Norwich UK Growth and Value fund, managed by JPMorgan Asset Management
- Added unique Inflation Protected Guarantee to with-profits bond
- Launched four manager of managers funds, managed by Aon Asset Management
- Added three fund of funds, managed by IMS, to its Isa range.
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Press office contacts:
David Gwyer 01904 452828 Out of hours 07800 699508
Louise Soulsby 01904 452617
Notes to editors:
About Norwich Union
Norwich Union is the UK’s largest insurer. It is a leading provider of life, pensions and investment products and one of the largest financial adviser (FA) providers. FAs provide over 70% of the company's long-term savings business in the UK.
Norwich Union is the UK’s largest general insurer with a market share of around 14%, with a focus on insurance for individuals and small businesses.
Norwich Union’s news releases and a selection of images are available from Aviva's internet press centre at www.aviva.com/media
About the Norwich Global property fund
Initially 80% of the portfolio will be invested in REIT-type companies invested in 13 countries and five primary property sectors.
About Paul van de Vaart
Paul van de Vaart joined Morley Fund Management in October 2006. He previously worked as senior portfolio manager (Real Estate Europe) at ABP Investments since 2002, after having joined in 1997. ABP is based in Amsterdam and is the pension fund for employers and employees within the Dutch government and the educational sector.Paul is an experienced fund manager with specialist knowledge of UK and European listed real estate securities.
About 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 Ł162bn from offices around the world as at 30 Septmber 2006.
Morley manages both institutional and retail funds under the Morley brand. It also acts as investment manager for a range of retail investment funds, marketed in the UK under the Norwich Union brand, and international funds marketed under the Aviva Funds brand.
Further information about Morley Fund Management can be found at www.morleyfm.com
With more than Ł25 billion of property assets under management, Morley is Europe’s largest property fund manager. Morley’s award winning team comprises over 70 dedicated property fund managers and strategists, giving us the size and scope to gain preferential access to all areas of the European property market.
CBRE Global Real Estate Securities
CBRE Global Real Estate Securities (a subsidiary of CB Richard Ellis Investors, LLC) specialises in the management of listed property securities and has in place an experienced team of dedicated REIT management professionals. Based in offices in London, Sydney, Baltimore and Los Angeles, the team uses its global reach and specialist local knowledge to source the best available property securities for this fund.