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Pramerica beefs up UK team

The UK private equity real estate arm of US financial services group Prudential has taken on a team from UBS in Europe.

Pramerica Real Estate Investors has hired a team from Swiss bank UBS to expand its commercial real estate platform in the UK.

The firm wants to introduce a series of UK property funds, it said in a statement.

The team includes Charles Crowe, Paul Dennis-Jones and Andrew Grigson, who were at UBS Global Asset Management.

Dennis-Jones, hired as a director, will serve as senior portfolio manager for the new dedicated UK strategy, while Crowe, also a director, is leading transactions. Grigson joins as a vice president to serve as marketing director who will oversee investor relations.

The trio will manage transactions for Pramerica’s existing commingled funds and look to create new funds for UK institutional investors, including pension funds, charities, insurance companies and others.

Dennis-Jones was portfolio manager for the UBS Triton Property Fund. Crowe was head of transactions at UBS. Grigson worked as asset manager on the UBS Triton Property Fund before taking up an investor relationship management role in 2008.

Robert Falzon, chief executive of Europe at Pramerica said in a statement that the “sheer size of the market” along with increased investor interest were behind the decision to expand.

Pramerica Real Estate Investors is the real estate investment management business of Prudential Financial. Its European fund management operations are headquartered in London and Munich.

See next month’s issue of PERE for an interview with the firm.