Article date: 20 August 2007
Morley today announced the appointment of Geoffrey Shaw as assistant fund manager for its Lime Property Fund, one of the UK's leading secure-income property funds1. This follows the recent appointment of James Allum as client relationship manager, in response to a huge influx of institutional investors.
Geoffrey Shaw joins from the Cushman & Wakefield Capital Markets Group and will also act as assistant fund manager on Morley's private finance initiative (PFI) and serviced office funds. The fund has raised £225 million in new equity in 2007 and has a large development pipeline of pre-let assets including the BBC Concert Hall in Cardiff Bay and the Carnival plc office pre-let at West Quay Southampton.
Lime property fund manager Joel Lindsey said: "The appointments of Geoffrey and James are timely, as inflows into the fund have more than trebled in the past 12 months and we have now taken on our 40th institutional client. We are delighted to have brought on board two high calibre candidates."
The Lime Property Fund, established by Morley in July 2004, is an institutional property fund that focuses on long leases to quality tenants delivering secure income streams. The fund has been designed to offer investors the benefit of a risk profile similar to gilts and targets the return of gilts plus an attractive margin over the medium to long term.
Mr Lindsey continued: "There are only a handful of secure-income property funds on the market and almost none with the established track record of Lime. While the fund has significantly outperformed its benchmark since inception, investor demand has rapidly increased in the past six months as the current climate encourages pension schemes to seek defensive property funds delivering stable long term returns."
About the Lime Property Fund:
- At the end of March 2007, the Lime Property Fund had returned since inception an ungeared net return of 9.6% per annum versus its UK Gilt Index Benchmark of 5.4%. ("Gilt Index is an equally weighted combination of the FTSE 5-15 Years Gilt Index and the FTSE 15 Years+ Gilt Index)
- Gross assets of nearly £550 million including subscriptions
- Portfolio of 23 high quality properties with development pipeline and 12 PFI schemes
- Long-term leases with an average un-expired lease term of approximately 22 years - 90% of the leases are indexed rather than open market reviews
- Excellent credit quality and no vacancies
- A distinctively high weighting to public sector assets (approximately 75%), which provides long, secure income streams from a very good credit quality tenant base.
1Rated by IPD "Most secure income stream out of all pooled funds in the 2006 IPD Annual Universe"
For more information contact:
Telephone: 020 7809 8618
Notes to editors:
Some of the funds named in this release are unregulated collective investment schemes for the purpose of the UK Financial Services and Markets Act. Information regarding the schemes is therefore intended only for intermediate customers and those to whom the scheme can be promoted under the Act. Being unregulated collective investment schemes all or most of the protections provided by the UK regulatory system do not apply and compensation under the Financial Services Compensation Scheme will not be available. Information regarding the schemes should not be regarded as constituting an offer to invest. The information should not be viewed as an offer or solicitation to subscribe for shares or units in the schemes by anyone in any jurisdiction in which such offer or solicitation is not lawful or in which the person making such offer or solicitation is not qualified to do so or to anyone to whom it is unlawful to make such offer or solicitation.
Past performance is not a guide to the future. The value of an investment in the fund can go down as well as up and investors may not get back the original investment.
Morley is the UK-based asset management business of Aviva plc. Firms within the Morley group of companies manage £168bn (€250bn) from offices around the world as at 30 June 2007.
Morley manages both institutional and retail funds. It also acts as investment manager for a range of retail investment funds, marketed in the UK under the Norwich Union brand and in Europe under the Morley name.
The property team manages in excess of £32bn (€48bn) of UK and European property assets.
- Morley ranks no 1 fund manager in the Thomson Extel SRI Survey, 2007
- Property Manager of the Year, UK Pensions Awards 2007
- Morley's G7 Fund awarded Fixed Income Hedge Fund of the Year, Eurohedge Awards 2007
- Equity End User of the Year - Derivatives Week DEAL Awards 2006
- Property Fund Manager of the Year, Pensions Management Awards 2006
- Best Commitment to Raising Standards of Trustee Education, Engaged Investor Awards 2006
- Property Fund Manager of the Year, Property Week Awards 2006
- SRI Provider of the Year, Global Pensions 2006
- Central European Property Awards 2005 - Outstanding Company of the Year & Investor of the Year
- UK Pensions Awards 2005 - Property Manager of the Year
- Property Week Awards 2004 - Best Property Fund Manager.
With more than 90 investment professionals, Morley's Property team manages a range of funds on behalf of institutional, pension and retail clients. Morley has been at the forefront of innovation in property fund management and has launched fourteen specialist sector based funds with partners, including: Igloo Regeneration Fund, Quercus Healthcare Property, The Junction and The Mall. Further information about Morley can be found at http://www.morleyfm.com/
- Aviva is the leading provider of life and pensions to Europe with substantial positions in other markets around the world, making it the world's fifth largest insurance group based on gross worldwide premiums at 31 December 2006.
- Aviva's principal business activities are long-term savings, fund management and general insurance, with worldwide total sales of £41.5 billion and assets under management of £364 billion at 31 December 2006.
- The Aviva media centre at www.aviva.com/media includes images, company and product information and a news release archive.