Valad renews TAP investment management contract

Valad Europe, the pan-European real estate investment manager, has announced that The Conygar Investment Company has renewed Valad's investment management contract for The Advantage Property Income Trust (TAP) for a further three years.

TAP owns a mixed commercial property portfolio of 45 properties located across the UK. It has a gross asset value of £113 mln (EUR 130 mln) with annual income of £10 mln at end-30 June this year. Valad has been the investment manager of TAP since 2005.

Marty McCarthy, CEO of Valad Europe commented: 'TAP has always been a good performer and we are pleased that our investor recognises that we can continue to add value in the future. We specialise in assets that require active management and we concentrate on increasing income in the portfolios we manage, through our relationship with our tenants. This mandate gives us the opportunity to play to our strengths in real estate investment management.'

Valad Europe manages approximately EUR 5.1 bn of assets across its 15 European funds, including TAP. Valad's funds comprise approximately 900 assets in total and more than 8,500 tenants occupying more than 7.3 million m² of commercial and industrial space.