Banco Santander subsidiary Luresa Inmobilaria has appointed property adviser Gresham Down and Knight Frank Investors to help it expand the fund's assets under management from £65 million (approx. 74 million) to more than £150 million (approx. 171 million).
The fund, which is listed on the Dublin Stock Exchange, owns 21 secondary properties - mostly office and industrial assets - across the UK. The push to expand the fund comes as it changes its name from GlanEuro Property Fund to Luri 5 UK Property Fund.
Gresham Down and Knight Frank Investors are to put together a plan for the portfolio that is expected to include an asset management strategy to upgrade the current portfolio and facilitate potential sales of its current investments.
Stephen Down, Managing Partner of Gresham Down, said: "We have been focusing on expanding the asset management side of Gresham Down for a while now to complement the investment advisory service we provide to clients and we are delighted to be appointed by Santander and Lauresa to provide strategic asset management advice on this significant UK fund."
John Styles, Head of KFI, added: "We are excited to be working with a client such as this. We will be using the full resources of the Knight Frank UK network to manage the assets and grow the portfolio as the fund develops."
Santander is keen to promote the open-ended fund, which was set up more than four years ago, to its private investor base as a UK property investment vehicle.
The instruction was held previously by Cardales, which was bought by Deutsche Bank two years ago. Gresham Down and Knight Frank Investors beat off competition from King Sturge and CB Richard Ellis to win the mandate.
Source: MJ2 Limited