Aref adds nine new members

The Association of Real Estate Funds (AREF), the representative body for UK unlisted commercial real estate funds, has expanded it membership with the addition of Connaught Asset Management’s Diversified Strategic Land fund and eight affiliate members. This brings AREF’s membership to a total of 70 funds, representing £22 bn in net asset value (EUR 25.6 bn).

Promoted by Capita Financial Managers, the Diversified Strategic Land fund is an unregulated collective investment scheme in the form of a UK limited partnership with an associated exempt unit trust. The fund purchases sites solely within the UK with a view to obtaining a change in the permitted planning use to generate an increase in the sites’ value. This could be, for example, a change from agricultural or redundant industrial use to residential or commercial use.

Commenting, Mike Davies, Chairman of Connaught Asset Management, said: 'We are delighted to be accepted as a full member of Aref. In the current investment climate all investors and advisors are looking for additional confidence and reassurance in asset management companies such as ourselves. Connaught is delighted to subscribe to its Code of Practice, as, coupled with the expertise we have developed and demonstrated, we believe our membership is an excellent benchmark by which we can be judged.'

Since launching its affiliate membership scheme in March 2009, Aref has attracted eight organisations that form part of the UK property collective investment scheme industry. New affiliate members are: Berwin Leighton Paisner; Capita Financial Group; CMS Cameron McKenna; Deloitte;
Macquarie; Mourant International Finance Administration; Nabarro and PricewaterhouseCoopers.

Aref acts as spokesperson for the UK unlisted real estate funds industry on tax and regulatory matters and works towards a conformity and ease of comparison across member funds via the Aref Code of Practice and the AREF/HSBC sponsored IPD UK Pooled Property Fund Indices.