Two funds managed by international property group Grosvenor have joined the Association of Real Estate Funds (AREF) in the UK. AREF is the representative body for UK unlisted commercial real estate funds. The addition of the Grosvenor Shopping Centre and the Grosvenor London Office funds lifts AREF's membership to 68 funds, representing £35 bn (EUR 45 bn) of net asset value (NAV).
Two funds managed by international property group Grosvenor have joined the Association of Real Estate Funds (AREF) in the UK. AREF is the representative body for UK unlisted commercial real estate funds. The addition of the Grosvenor Shopping Centre and the Grosvenor London Office funds lifts AREF's membership to 68 funds, representing £35 bn (EUR 45 bn) of net asset value (NAV).
Grosvenor Shopping Centre Fund was established in 1998 and is managed by Tony Christie. The vehicle has £353 mln of funds under management (NAV). The fund is set up as a Limited Partnership with a closed ended Jersey Unit Trust feeder fund, holding five assets. It invests in catchment and town-dominant UK shopping centres that provide secure income as well as offering asset management opportunities.
The Grosvenor London Office Fund, managed by Scott Rowland, holds £330 mln in funds under management (NAV).The fund is also set up as a Limited Partnership with a closed ended Jersey Unit Trust feeder fund and has been running since 1999. The fund invests in large, high quality office buildings in central London.
Rachel McIsaac, CEO of AREF, said: 'AREF's membership continues to grow. Funds that choose to join AREF do so to ensure best practice. At a time of uncertainty, our members realise that investors need reassurance and AREF enables members to provide the same degree of comfort and security, in terms of disclosure, governance and reporting, that is required for listed property companies.'
