Valad Europe, a pan-European multi-let specialist, has been appointed the new investment manager of European Commercial Real Estate (ECRE) by the company’s investors. The vehicle was formerly known as Kenmore Europe.
Valad Europe, a pan-European multi-let specialist, has been appointed the new investment manager of European Commercial Real Estate (ECRE) by the company’s investors. The vehicle was formerly known as Kenmore Europe.
ECRE's EUR 250 mln portfolio comprises 53 properties spread across the Nordic region, Germany, and The Netherlands. Valad said it was selected for management of the fund's assets due to its extensive geographical coverage across these three regions and its local asset management capabilities.
Valad has four offices in Germany, six offices in the Nordics and one in the Netherlands comprising 100 staff from a total of 250 across Europe. Valad has secured a five-year mandate to provide investment management services for the mixed commercial portfolio.
Base fees are in line with current mandates and include performance fees for value creation.
Marty McCarthy, Valad’s European Chief Executive, said: 'The ECRE portfolio requires active management by localised asset managers to build sustainable
value and we have been operating in this way across Europe for over 15 years. Working with our customers to provide a complete solution to their real estate requirements, including a combination of investment management skills, structuring expertise and equity capital through our preferred third party partners, is a strategic focus for our company.'
Valad has 20 offices in 12 European countries employing over 250 staff and has EUR 4.5 bn of assets under management at 31 December 2009, making it the largest independent investment manager of its type in Europe. It manages 8,500 tenants in over 800 properties across Europe through its 14 real estate funds.