London-based Pramerica Real Estate Investors announced on Friday that it has received the investment adviser mandate for the UBS Secure Income Property Fund, a role currently performed by UBS Global Asset Management. Pramerica, the European arm of US investment group Prudential Financial, will become the investment adviser to the fund, which will be renamed the Pramerica UK Ground Lease Fund.
London-based Pramerica Real Estate Investors announced on Friday that it has received the investment adviser mandate for the UBS Secure Income Property Fund, a role currently performed by UBS Global Asset Management. Pramerica, the European arm of US investment group Prudential Financial, will become the investment adviser to the fund, which will be renamed the Pramerica UK Ground Lease Fund.
The transfer is expected to be completed on 1 September 2010.
Charles Crowe, director of UK Real Estate at Pramerica, will be the lead portfolio investment adviser for the fund, working alongside colleagues Paul Dennis-Jones and Andrew Grigson, all of whom joined Pramerica from UBS Global Asset Management in September 2009. While at UBS, Crowe was the portfolio adviser to the fund.
'At Pramerica, we have a strong interest in developing our business in ground lease funds,' Crowe said. 'In assuming the advisory role for this vehicle, we will be looking to apply our transactional and advisory expertise to generate further strong returns for investors.'
Pramerica Real Estate Investors, which began operations in the UK in 1990, has a presence in nine European cities.