Pramerica Real Estate Investors has snared the investment management of a UK ground rents fund from UBS Global Asset Management after a team decamped to the firm last year.
Transfer of the UBS Secure Income Property Fund is set for completion early next month – a year after the fund’s managers, Charles Crowe, Paul Dennis-Jones and Andrew Grigson, left UBS to join Pramerica.
The vehicle has been renamed the Pramerica UK Ground Lease Fund.
Pramerica Real Estate Investors is the European arm of the real estate investment and advisory business of US financial services firm, Prudential Financial. The firm has been in recruitment mode of late and only last month appointed former Tishman Speyer professional Eric Adler as its new head of Europe.
The firm has aspirations to develop its business in other markets, most recently forming a joint venture in the Middle East with Mubadala, the Abu Dhabi sovereign wealth fund to invest in real estate.
In an interview with PERE last October, global head Allen Smith said: “It’s now all about your ability as a fund manager to craft custom solutions to fit the needs of your limited partners.”
He added: “You cannot fight the market. Instead, investors want to hear their GPs talking about how flexible they can be, even when they are one of the world’s largest real estate investment managers.”