Henderson Global Investors (HGI) - the fund management arm of Australian financial group AMP - has been appointed to manage a £70m UK portfolio for Munich-based Bayerische Versorgungskammer (BVK), an occupational fund mainly for doctors and dentists.
The move was conducted via a sub-advisory investment management agreement with HypoVereinsbank. The brief is part of BVK’s pan-European property portfolio and will be handled by Michael Sales, director of UK property funds.
HGI has completed two initial acquisitions at the Gyle in Edinburgh and Quay Street in Manchester.
The firm already manages the VV Real Estate LP and VV Real Property LP funds on behalf of Hypovereinsbank for German insurance companies - more than £265m has been invested in the UK property market.
Guy Morrell, HGI's director of UK property said: This latest appointment confirms our belief that property will increasingly follow the lead of other assets and become a global asset. Pension funds and insurance companies are looking for opportunities to secure superior returns and/or diversification from investing outside their home markets.
By Madhu Kalia
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