An asset management firm has converted one of its biggest funds into a PAIF, which it hopes will diversify its portfolio.
Royal London Asset Management (RLAM) has converted one of its largest
property investment trusts into a property authorised investment fund (PAIF), it has been announced.
It is hoped that Royal London Exempt Property Unit Trust will now attract a wider range of investors, the firm says.
In doing so, the trust will diversify its portfolio with a variety of
commercial development assets.
This is the first time an existing property investment firm has been converted to a PAIF since the FSA introduced the investment vehicle in 2008, the firm adds.
"The conversion to a PAIF structure is an important step in the development of our property capabilities and reaction from existing clients has been very positive," said Susan Spiller, RLAM's head of marketing.
In the latest predictions for the future of commercial property, Standard Life Investments' investment director Andrew Jackson recently told City Wire that he expects asset values to fall by up to five per cent this year.
Posted by Hadji Singh.
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