Morley Fund Management today scooped the Central and Eastern European Real Estate Quality Awards taking home the titles of Outstanding Company Of The Year and Investor Of The Year for its Central European property activities.
Closes €250 million in European property deals in December
Morley Fund Management today scooped the Central and Eastern European Real Estate Quality Awards taking home the titles of Outstanding Company Of The Year and Investor Of The Year for its Central European property activities.
The overall award for Outstanding Company Of The Year was made on the basis of all nominations received for country and sector awards and was judged according to the following criteria:
- Vision, innovation, leadership and profile
- Overall industry contribution
- All round success.
Ben Stirling, fund manager responsible for Morley’s European property business, said: “It’s great to be recognised by our European peers for these awards. As one of Europe’s largest property investors, Morley’s aggressive pursuit of high quality European properties in the region and activities in Central and Eastern Europe has built real momentum around our property ambitions for Europe overall. Investors have a growing appetite for European property and Morley is meeting that demand.”
The Investor of the Year award was part of the Company of The Year section where awards are given to companies that have demonstrated the most foresight, leadership and on the ground success within their professional sphere during 2005 across the entire Central and Eastern European region. Judging decisions were made against the following criteria:
- Overall industry contribution
- Innovation
- Customer service
- Business achievement.
Julian Taylor, fund manager for the Aviva Central European Property Fund (ACEPF), said: “The fund has had an outstanding first twelve months having completed approximately €320 million of investment deals in an increasingly competitive market. The fund is actively raising money while aggressively pursuing new investment opportunities in central Europe. We have also just received new commitments of €60 million from new and existing investors demonstrating strong confidence in the fund as well for central European property.”
CEE Real Estate Quality Awards are given to projects, companies and individuals active in property investment and development throughout the Central and Eastern European region that in 2005 have demonstrated the highest quality planning, leadership and execution. They are assessed against a detailed set of criteria by a panel of senior industry executives with broad professional knowledge and experience of both the industry and the region.
Morley has recently closed approximately €250 million in three separate property transactions for the fund. The €145 million acquisition of Alkotas Point and Science Park in Budapest was one of Central Europe’s largest property investment transactions for 2005. The fund has also acquired the Avenir Business Park in Prague and has committed to acquire Palace Tesnov, also in Prague, upon the completion of the development by Vinci.
Alkotas Point and Science Park, Budapest
Alkotas Point and Science Park are regarded as being two of the highest quality office buildings in Budapest, having been developed by AIG Lincoln and Skanska respectively. SachsenFonds GmbH, from whom the buildings were acquired, is also a co-asset manager of the Fund with King Sturge.
Vinci’s Palace Tesnov development, Prague
This 18,100 m2 office and retail project, located next to the International Business Centre and KPMG’s headquarters, is being developed speculatively by Vinci and will be acquired by ACEPF upon its completion in mid-2007.
Avenir Business Park, Prague
The first phase of this 22,300 m2 office development was completed in August 2004 and is now fully leased to international tenants that include SAP. The second phase will be completed during the first quarter of 2006.
The ACEPF aims to deliver a dividend yield to investors in excess of 7.5% per annum over its 10 year life.
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For further information or photographs please contact:
Strahan Wallis
Telephone: 020 7809 8618
Morley Fund Management
strahan.wallis@morleyfm.com
Notes to editors:
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 Ł153.6bn from offices around the world as at 31 December 2005. The property team manages more than Ł17 billion of UK and European property assets, making Morley one of 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 70 investment professionals and manages a range of funds on behalf of institutional, pension 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.
- Visit www.morleyproperty.com
About the awards – visit: www.ceequalityawards.com
The judging panel included:
| Ben Bannatyne | managing director Central Europe | Jones Lang LaSalle |
| Paul Betts | managing director Central Europe | King Sturge |
| Zygmunt Chyla | chairman of the board | TK Development |
| Alan Colquhoun | managing director Poland | DTZ |
| Michael Cooper | vice president strategic development Russia & Ukraine | InterContinental Hotels |
| Todd Cowan | chief executive officer | TriGranit |
| Neil Gregory-Eaves | director Central & Eastern Europe | Colliers International |
| Walter Hampel | senior director | Hype Real Estate Bank Intl |
| Markus Leininger | head of corporate banking Central & Eastern Europe | Eurohypo |
| Peter Morris | managing director Central & Eastern Europe | Ober Haus Real Estate |
| Mike Pearce | senior European partner | EC Harris |
| Guy Perry | managing director | INVI |
| Richard Petersen | managing director Poland & Central Europe | Cushman & Wakefield H&B |
| Andreas Ridder | managing director Central & Eastern Europe | CB Richard Ellis |
| Eric Rosedale | co-chairman global real estate | Salans |
| Klaus Schmidt | managing partner | Sachsenfonds |
About the Aviva Central European Property Fund (ACEPF)
ACEPF was launched in January 2005 by Morley Fund Management and is targeted at pan-European institutional investors and pension schemes.
The fund aims to raise €240 million of equity commitments establishing a portfolio of investment properties across the office, warehouse and retail sectors over a three year period, with a total value of approximately €600 million. The fund aims to deliver a dividend yield to investors in excess of 7.5% per annum. Morley Fund Management is the fund manager for ACEPF, SachsenFonds GmbH and King Sturge are its co-asset managers.
Structure: Luxembourg FCP
Closed Ended: maximum 10 year life span
Minimum investment: €3 million
Distribution: quarterly
Currency Denomination: Euro
Pricing: quarterly
Maximum Gearing: 60% loan to value
Note: telephone calls may be recorded for training and monitoring purposes.
Morley Fund Management is a business name of Morley Fund Management 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.
Morley Fund Management is also a business name of Morley Fund Services Limited and Morley Fund Management International Limited. All are Aviva companies.
Contact us at Morley Fund Management, No. 1 Poultry, London EC2R 8EJ.
Compliance code: MFM/06/125