UK – British Land has appointed Internos Global Investors to run its €230m Pillar Retail Europark Fund (PREF) as the fund approaches a post-extension termination date next year.
Internos said it had been mandated to provide fund advisory and asset management services to the Luxembourg-based closed-end Fonds Commun de Placement (FCP).
PREF, which is 65% owned by British Land with the remainder held by institutional investors, was established in 2004 with a fixed life that has been extended to 2014, according to British Land.
The fund’s life can be extended further with unit-holder consent, it said.
Matt Walker, head of fund management at Internos, said: “We have been appointed with a clear mandate from British Land to undertake intensive asset management measures ahead of progressively selling as markets recover.”
He said his firm had a lot of experience managing and transacting retail parks, having a portfolio of more than 100 retail properties across several Continental European jurisdictions at the moment.
PREF owns 10 retail parks in Spain, France, Portugal and Italy with a combined value of €230m, Internos said.
Most of British Land's personnel in Spain and France have been transferred to Internos as part of the integration of the management of the fund, it said.
Internos said the British Land mandate increased its funds under management to €4.1bn.