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AREF joined by Grosvenor and UBS

Monday, 26 January 2009 1:48 PM

The Association of Real Estate Funds (AREF) has announced the expansion of its membership with the addition of two funds: Grosvenor Festival Place Fund and UBS Secure Income Property Fund (SIPF).

This brings AREF's membership to a total of 68 funds, representing £26 billion net asset value.

Managed by Tony Christie, the Grosvenor Festival Place Fund, launched in 1999, has a net asset value (NAV) of £159 million. The fund is set up as a UK Limited Partnership with a Jersey Unit Trust feeder fund and invests in the Festival Place retail development in Basingstoke.

Mervyn Howard, Grosvenor's UK fund management director, said: "At this critical time for the investment management industry, AREF is promoting an agenda focussing on some of the more challenging issues that we face as property investment managers.

"It is essential we evolve and adapt to our new circumstances. AREF's efforts in this area are very much to be encouraged. We are pleased to support this by adding a further Grosvenor fund to AREF's membership."

The UBS Secure Income Property Fund (UBS-SIPF) was launched in February 2007 and will have a gross asset value of approximately £100m following the completion of its most recent acquisition. It is an open-ended Jersey based property unit trust, managed by UBS AG Jersey Branch. UBS Global Asset Management (UK) Ltd is the investment adviser. The Fund invests in commercial ground leases only, and will, with the completion of its most recent deal, hold 25 assets.

Charles Crowe, portfolio investment adviser, UBS-SIPF, said: "UBS is keen to see further market transparency in the UK property market and is therefore pleased to include UBS-SIPF in AREF's membership.

"Its inclusion in the IPD UK Pooled Property Fund Indices publication, sponsored by HSBC Global Asset Management and AREF will demonstrate that, against a difficult market backdrop, UBS-SIPF has performed well by focusing on one of the most stable parts of the property market."

Rachel McIsaac, chief executive of AREF, added: "Our membership continues to grow and well known investment firms such as Grosvenor and UBS see the benefits AREF membership can provide. By joining AREF, these funds show they are committed to providing best practice, in terms of disclosure, governance and reporting, ensuring security for investors."

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