L&G secures trio of hires as L&G Property Fund hits £2bn
Legal & General Property (LGP) announces the appointment of three asset managers to its UK Property Fund (UKPF), as the PAIF surpasses £2 billion of assets under management. The new appointments comprise:
- Alex Waterworth – Alex joins as a Senior Asset Manager after 10 years at JLL, eight of which were in the Industrial Property Investment Fund asset management team. Before this he worked as an asset manager for a pan-European fund. Alex will be taking on the majority of the PAIF’s industrial assets.
- Andrew Mercer – Andrew also joins as a Senior Asset Manager after six years at Capita and 15 years as a Central London specialist. Andrew has worked in both investment agency and in L&T, asset management and advisory roles. Andrew will be taking on the majority of the PAIF’s office assets.
- Peter McNamara – Peter joins as an Asset Manager from Colliers. His broad experience includes valuation and West End office agency activity, including running The Portman Estate leasing programme. He was awarded Colliers EMEA Rising Star award in 2013. Peter will work on assets across all classes.
One of the fastest growing funds in its sector, launched in 2006 the UKPF has grown from £100 million to in excess of £2bn today as it continues to see steady inflow of capital from both Retail and Institutional investors. Recent acquisitions include the Compass portfolio, comprising six south east offices, acquired for £135m, the £22.9m Mayfly portfolio of prime high street assets, and 14-28 Corporation Street in Birmingham, which was purchased for £15.96m.
The Fund converted into a PAIF structure in May 2014, resulting in more tax-efficient income for many investors. Delivering strong returns, it has outperformed the Lipper Property IMA Sector peers over one, three, and five years.
Mike Barrie, Head of Fund Management at Legal & General Property, said: "This hat-trick of hires demonstrates the continued growth trajectory of the property business and the attractiveness of L&G more broadly. What’s driving these appointments is the success of our UK Property Fund, or PAIF, which surpassed £2bn in late April.”
Matt Jarvis, Fund Manager of the Legal & General UK Property Fund, commented: “The addition of Alex, Andrew and Peter means we can continue to support the growth seen to date. These hires follow several successful acquisitions this year which together totalled £175m. This blend of office and retail investments represents our long-term commitment to assets in strong UK locations where we can deliver good returns for our investors.”
For further information, please contact:
Head of Communications, Real Assets, LGIM
020 3124 2777
Legal & General Property:
Legal & General Property (LGP) forms part of the Real Assets division of Legal & General Investment Management (LGIM), which is responsible for the company’s direct investment capabilities in property and infrastructure. One of Europe’s largest institutional asset managers and a major global investor, LGIM manages £525bn in assets on behalf of over 3,100 clients (31 March 2015), providing products and solutions spanning all asset classes. LGP is the third largest institutional property fund manager in the UK, managing or co-managing 19 funds or vehicles with an aggregate asset value of £16.5bn (31 March 2015). These include:
- Balanced Funds: Life Fund; Linked Pensions; Linked Life; Managed Fund; Legal & General UK Property Fund; UK Property Income Fund I; UK Property Income Fund II; LPI Income Property Fund and the Hybrid Property Fund
- Specialist Pooled Funds: The Leisure Fund Limited Partnership; Industrial Property Investment Fund; Arlington Business Parks Partnership; and the English Cities Fund
- Single Asset Vehicles: Bracknell Regeneration Partnership; Central Saint Giles Partnership.
LGP’s UK-focused asset management platform has built and retained a strong track record of out-performance. Owing to its size, diversity and penetration, it benefits from best-in-class banking and property contacts which, along with its wealth of in-house skill and expertise, have enabled it to continue to attract and secure high quality market opportunities.
Taking a client-centric approach, the business places the highest priority upon integrity and transparency, leveraging the significant resources provided by the wider LGIM platform. Protecting the medium to long term value of its portfolio, as a leader in sustainability, green principles are embedded into every property and investment decision.
Sector specialists cover each sphere of the market and are supported by LGP’s market-leading research capability. In particular, the Company has a major development platform, responsible for delivering community-focused projects ranging from West End landmark buildings to significant town-centre retail and leisure regeneration schemes.
Forming part of the Group’s larger UK housing and infrastructure investment strategy, LGP also continues to participate in a growing range of supply side housing activities, including financing affordable homes, the house building sector, urban regeneration, student accommodation and care homes.