Pramerica Real Estate Investors today announces that it will become the Investment Adviser for the UBS Secure Income Property Fund, a role currently performed by UBS Global Asset Management (UK) Ltd.
The transfer is subject to satisfaction of Jersey regulatory requirements. Pramerica Real Estate Investors is the European arm of the real estate investment and advisory business of Prudential Financial, Inc., (NYSE: PRU) of the US.
On completion of the transfer, expected to take place on September 1, 2010, Pramerica will become the Investment Adviser to the fund, which will be renamed the 'Pramerica UK Ground Lease Fund'. 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. This transfer significantly builds our credentials in this specialist area of the real estate market and we are delighted to take on this successful fund from UBS."
Pramerica Real Estate Investors, which began operations in the UK in 1990, now has a presence in nine cities throughout Europe and offers a range of strategies, most recently expanded with a new debt strategy and UK investment strategy. Strategies provided through Pramerica's two European fund management centres in London and Munich include its pan European open-end commingled strategy, designed for a broad range of international investors seeking exposure to European commercial properties. The firm also offers closed-end commingled strategies that pursue opportunistic investing and specialized products for specific investor groups, including those designed specifically for German clients or Sharia'ah-compliant strategies designed for clients seeking Islamic structures.