Morley scoops top Central European property awards: Outstanding Company Of The Year and Investor Of The Year

Article date: 10 February 2006

Closes €250 million in European propertydeals in December

Morley Fund Management today scooped the Central and EasternEuropean Real Estate Quality Awards taking home the titles ofOutstanding Company Of The Year and Investor Of The Year for itsCentral European property activities.

The overall award for Outstanding Company Of The Year was made onthe basis of all nominations received for country and sector awardsand was judged according to the following criteria:

  • Vision, innovation, leadership and profile
  • Overall industry contribution
  • All round success.

Ben Stirling, fund manager responsible for Morley’sEuropean property business, said: “It’s great to berecognised by our European peers for these awards. As one ofEurope’s largest property investors, Morley’saggressive pursuit of high quality European properties in theregion and activities in Central and Eastern Europe has built realmomentum around our property ambitions for Europe overall.Investors have a growing appetite for European property and Morleyis meeting that demand.”

The Investor of the Year award was part of the Company of The Yearsection where awards are given to companies that have demonstratedthe most foresight, leadership and on the ground success withintheir professional sphere during 2005 across the entire Central andEastern European region. Judging decisions were made against thefollowing criteria:

  • Overall industry contribution
  • Innovation
  • Customer service
  • Business achievement.

Julian Taylor, fund manager for the Aviva Central EuropeanProperty Fund (ACEPF), said: “The fund has had an outstandingfirst twelve months having completed approximately €320million of investment deals in an increasingly competitive market.The fund is actively raising money while aggressively pursuing newinvestment opportunities in central Europe. We have also justreceived new commitments of €60 million from new and existinginvestors demonstrating strong confidence in the fund as well forcentral European property.”

CEE Real Estate Quality Awards are given to projects, companies andindividuals active in property investment and developmentthroughout the Central and Eastern European region that in 2005have demonstrated the highest quality planning, leadership andexecution. They are assessed against a detailed set of criteria bya panel of senior industry executives with broad professionalknowledge and experience of both the industry and the region.

Morley has recently closed approximately €250 million inthree separate property transactions for the fund. The €145million acquisition of Alkotas Point and Science Park in Budapestwas one of Central Europe’s largest property investmenttransactions for 2005. The fund has also acquired the AvenirBusiness Park in Prague and has committed to acquire Palace Tesnov,also in Prague, upon the completion of the development byVinci.

Alkotas Point and Science Park,Budapest
Alkotas Point and Science Park are regardedas being two of the highest quality office buildings in Budapest,having been developed by AIG Lincoln and Skanska respectively.SachsenFonds GmbH, from whom the buildings were acquired, is also aco-asset manager of the Fund with King Sturge.

Vinci’s Palace Tesnov development,Prague
This 18,100 m2 office and retailproject, located next to the International Business Centre andKPMG’s headquarters, is being developed speculatively byVinci and will be acquired by ACEPF upon its completion inmid-2007.

Avenir Business Park, Prague
The first phaseof this 22,300 m2 office development was completed inAugust 2004 and is now fully leased to international tenants thatinclude SAP. The second phase will be completed during the firstquarter of 2006.

The ACEPF aims to deliver a dividend yield to investors in excessof 7.5% per annum over its 10 year life.


For further information or photographs pleasecontact:
Strahan Wallis
Telephone: 020 7809 8618
Morley Fund Management

Notes to editors:

About Morley Fund Management

  • Morley Fund Management Limited is the UK-based assetmanagement business of Aviva plc. Firms within the Morley group ofcompanies manage £153.6bn from offices around the world as at 31December 2005. The property team manages more than £17 billion ofUK and European property assets, making Morley one of the largestproperty fund manager in Europe.
  • Winners of the high profile Property Week Fund Manager of theYear Award 2004 and the UK Pensions Awards Property Fund Managerof the Year 2005, the team consists of 70 investment professionalsand manages a range of funds on behalf of institutional, pensionand retail clients. Morley has been at the forefront of innovationin property fund management and has launched eleven specialistsector based funds with partners, including the Jersey-based UnitTrusts: Igloo Regeneration Fund, Quercus Healthcare Property, TheJunction and The Mall.
  • Visit

About the awards – visit:

The judging panel included:

Ben Bannatyne

managing director Central Europe

Jones Lang LaSalle

Paul Betts

managing director Central Europe

King Sturge

Zygmunt Chyla

chairman of the board

TK Development

Alan Colquhoun

managing director Poland


Michael Cooper

vice president strategic development Russia &Ukraine

InterContinental Hotels

Todd Cowan

chief executive officer


Neil Gregory-Eaves

director Central & Eastern Europe

Colliers International

Walter Hampel

senior director

Hype Real Estate Bank Intl

Markus Leininger

head of corporate banking Central & Eastern Europe


Peter Morris

managing director Central & Eastern Europe

Ober Haus Real Estate

Mike Pearce

senior European partner

EC Harris

Guy Perry

managing director


Richard Petersen

managing director Poland & Central Europe

Cushman & Wakefield H&B

Andreas Ridder

managing director Central & Eastern Europe

CB Richard Ellis

Eric Rosedale

co-chairman global real estate


Klaus Schmidt

managing partner


About the Aviva Central European Property Fund(ACEPF)
ACEPF was launched in January 2005 by MorleyFund Management and is targeted at pan-European institutionalinvestors and pension schemes.

The fund aims to raise €240 million of equity commitmentsestablishing a portfolio of investment properties across theoffice, warehouse and retail sectors over a three year period, witha total value of approximately €600 million. The fund aims todeliver a dividend yield to investors in excess of 7.5% per annum.Morley Fund Management is the fund manager for ACEPF, SachsenFondsGmbH and King Sturge are its co-asset managers.

Structure: Luxembourg FCP
Closed Ended: maximum 10 year life span
Minimum investment: €3 million
Distribution: quarterly
Currency Denomination: Euro
Pricing: quarterly
Maximum Gearing: 60% loan to value

Note: telephone calls may be recorded for trainingand monitoring purposes.

Morley Fund Management is a business name of Morley Fund ManagementLimited, registered in England No. 1151805. Registered Office: No.1 Poultry, London EC2R 8EJ. Authorised and regulated in the UK bythe Financial Services Authority and a member of the InvestmentManagement Association.

Morley Fund Management is also a business name of Morley FundServices Limited and Morley Fund Management International Limited.All are Aviva companies.

Contact us at Morley Fund Management, No. 1 Poultry, London EC2R8EJ.

Compliance code: MFM/06/125

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