Morley partners with global property giant to launch Global REIT Fund

Article date: 9 March 2006

Morley Fund Management today announced that it is to partnerwith CB Richard Ellis Global Real Estate Securities, a subsidiaryof CB Richard Ellis Investors, LLC (CBRE Investors) to launch theAviva Funds Global REIT Fund. Morley is the largest property fundmanager in Europe and the UK*.

The fund which is a sub-fund of a Luxembourg SICAV, will invest inlisted real estate securities across the globe, focusing on thosemarkets which either have, or are likely to have, REITs, includingthe UK, Europe, the US, Canada, Asia and Australia.

The fund will target institutional and retail investors in Europeand the UK and it will have a performance target 100bps above theUBS Global Property Investors benchmark.

Chris Laxton, head of external property funds at Morley, said:"Morley has partnered with CBRE because of its strong coverage ofglobal property markets and its dedicated Global Listed Real EstateSecurities Team.

“The team offers intimate direct property market knowledgeand experience, as well as listed real estate securitiesexperience, supporting informed investment decisions based ondirect access to global market information.

“Since 1990 the value of the global REIT market has increasedfrom $150bn to more than $640bn**. This rapid growth is set tocontinue with the imminent launch of REITs in the UK andGermany.

“Global REITs offer investors a significant source ofdiversification, excellent liquidity and generally lower volatilitycompared to other equity asset classes.”

Jeremy Anagnos, co-CIO of CB Richard Ellis Global Real EstateSecurities, added: "We announced last year our intention to launchREIT funds and this partnership with Morley Fund Managementdemonstrates that commitment. We have undergone a rigorousselection process, as has Morley, to create what we believe is abest of breed offering for investors.

“Morley is one of the leading investors in UK property andnow a major force in Europe. Investing in Global REITs requireson-the-ground knowledge of local property markets and I believethat CBRE Investors’ international platform, combined withMorley’s European property expertise gives us a significantadvantage in selecting markets and stocks and will ensure that theAviva Funds Global REIT Fund performs consistently well."

The fund is subject to regulatory authorisation in the UK and otherEuropean markets.


* Oxford Property Consultants, 31 December 2005
** FTSE EPRA/NAREIT Global Property Index, 31 December 05

For further information please contact:
Morley Fund Management
Corporate Communications
Tel: 020 7809 8618

Beth Saint
Morley Fund Management 
Corporate Communications
Tel: 020 7809 8125

Notes to editors:

Morley Fund Management
Morley Fund ManagementLimited is the UK-based asset management business of Aviva plc.Firms within the Morley group of companies manage £155bn fromoffices around the world as at 31 January 2006. The property teammanages in excess of £23 billion of UK and European propertyassets, making Morley the largest property fund manager inEurope.

Winners of the high profile Property Week Fund Manager of the YearAward 2004 and the UK Pensions Awards Property Fund Manager of theYear 2005, the team consists of over 70 investment professionalsand manages a range of funds on behalf of institutional, wholesaleand 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.

Further information about Morley Fund Management can be found

CB Richard Ellis Investors, LLC
CB Richard EllisInvestors, LLC (CBRE Investors), a global real estate investmentmanagement firm with over $17 billion in assets under management,sponsors investment programs across the risk/return spectrum forinstitutional investors worldwide. CBRE Investors is anindependently operated affiliate of CB Richard Ellis (NYSE:CBG),and harnesses the research, investment sourcing and other resourcesof the world's largest real estate services company (in terms of2005 revenue) for the benefit of its investor clients and partners.Including partners and affiliates, CB Richard Ellis has over 300offices in more than 50 countries. For more information about CBRichard Ellis Investors, please visit

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