Cambridge Place takes over asset managment of EB8 fund

London-based Institutional investment manager Cambridge Place real has taken over the asset management mandate for European industrial property fund EB8 from GPT Halverton. The fund owns EUR 250 mln of warehouse and light industrial properties. The lion's share of the properties are in Germany (23), with seven located in Denmark, five in the Netherlands and one in Finland.

Pan-European fund and asset manager GPT Halverton launched EB8 in the first quarter of 2007 and the fund's principal investors are funds managed by Cambridge Place Investment Management together with a number of individual investors.

Contacted by PropertyEU, GPT Halverton said the transfer in the asset management mandate took place in mutual agreement between it and Cambridge Place. 'We decided that continuing to manage the fund properties would not be sufficiently profitable in the current environment,' a spokesperson for GPT Halverton said.

Cambridge Place, meanwhile, is actively expanding its pan-European asset management business. In a short statement announcing the change at the EB8 fund, the firm said its real estate asset management activities are overseen by Candace Valiunas, head of European Real Estate and Kenneth MacNaughton, chief financial officer. NAI Apollo Asset Management, Cushman & Wakefield and North Asset Management will provide local support in the respective regions.