Grosvenor and UBS funds join UK's Aref

Grosvenor Festival Place Fund and UBS Secure Income Property Fund have become members of the Association of Real Estate Funds (Aref) in the UK. This brings Aref's membership to a total of 68 funds, representing GBP 26 bn in net asset value.

Managed by Tony Christie, the Grosvenor Festival Place Fund has a net asset value of £159 mln (EUR 171 mln). Launched in 1999, the fund is set up as a UK limited partnership with a Jersey Unit Trust feeder fund and invests in the Festival Place retail development in Basingstoke.

The UBS Secure Income Property Fund was launched in February 2007 and will have a gross asset value of approximately £100 mln (EUR 108 mln) following the completion of its most recent acquisition. It is an open-ended Jersey-based property unit trust, managed by UBS AG Jersey Branch. UBS Global Asset Management (UK) Ltd is the investment adviser. The fund invests in commercial ground leases only, and will, with the completion of its most recent deal, hold 25 assets.