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London start-up taps AXA exec

F&C REIT Asset Management has appointed Angus Henderson as its new head of business development as plans a £300m UK opportunity fund. Henderson was responsible for launching new AXA Real Estate products in Europe and Asia.

F&C REIT Asset Management has appointed Angus Henderson as head of business development as it begins raising a UK opportunity fund.

F&C, which was formed in September last year, has made Henderson responsible for new opportunities from 1 July, it said in a statement.

He joins from AXA Real Estate Investment Management where he was development manager responsible for launching new products in Europe and Asia. Prior to joining AXA, he was at Cushman & Wakefield Indirect Investment where he focused on real estate fund creation, fund investment, joint venture structuring, capital raising and secondary transactions across Europe.

F&C was created out of a merger between Leo Noé’s Reit Asset Management and F&C Asset Management’s property division and it has been investing in the UK market already.

It is also hoping to raise £300 million (€334 million; $453 million) for the Devonshire UK Opportunities Fund, which promises investors a targeted return of 20 percent.

Earlier this year, the firm teamed up with AREA Property Partners to invest in a portfolio of UK properties once belonging to the collapsed property empire of Dawnay Day. According to F&C at the time, the joint venture investment vehicle was arranged and is being managed by F&C. It is structured as a JV between Apollo European Real Estate Fund III and Trafalgar Overseas Limited advised by F&C.

On the new hire, chief executive Nick Criticos said Henderson would help the firm identify, target and launch new products.