The Association of Real Estate Funds, which represents UK unlisted commercial real estate funds, has added two new funds to its membership, the Quercus Healthcare Fund managed by Morley and the Aegon Property Fund managed by Aegon Asset Management. Aref now has 66 members with net assets under management of GBP35bn.

Quercus Healthcare Fund was launched in December 1998 and has GBP500m in net assets. A Jersey-regulated closed-ended unit trust and managed by Vicky Amlot and Nick Gardiner, the fund invests in long-term care facilities including three independent hospitals throughout the UK.

Launch in 2003, the Aegon Property Fund has GBP1.3bn in funds under management. A unit-linked pension fund and managed by David Wise and Sarah Cockburn, it invests in UK office, retail and industrial property as well as property company shares.

'The two new additions to Aref reinforce our position as the voice of the industry,' says chief executive Rachel McIsaac. 'Given the current climate, UK property funds are seeing the benefits Aref has as a collective body for unlisted commercial real estate funds. We are fast becoming the first port of call for these types of funds.'

Morley, the asset management business of insurance group Aviva, managed a total of GBP157bn in both institutional and retail funds at the end of March from offices around the world. The property team manages more than GBP29bn in UK and European property assets.
Aegon Asset Management had UK assets under management exceeding GBP42.2 billion at the end of February 2008.

Aref, whose membership comprises pooled property vehicles promoted by all of the UK's leading fund managers, represents the UK unlisted real estate funds industry on tax and regulatory matters and works achieve conformity and ease of comparison across member funds via the Aref Code of Practice and the Aref/HSBC-sponsored IPD UK Pooled Property Fund Indices.

       

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