F&C changes RE fund management leadership
F&C UK Real Estate Investments has announced that after 10 years as fund manager, Ian McBryde will retire in 2016.
Peter Lowe will become lead fund manager of the company with effect from the end of 2015 to ensure a smooth handover of responsibilities.
Lowe will join BMO Real Estate Partners, the company’s investment manager, from DTZ Investors where he has worked for the last nine years as fund manager on a number of mandates including Pearl Assurance, University Superannuation Fund and Imperial Tobacco Pension fund.
The news came together with the company’s results, which showed market capitalisation has increased from £194m (as at 30 June 2014) to £233m (as at 30 June 2015).
The company’s net asset value (‘NAV’) total return for the year was 22.7% and the share price total return was 24.9%. The shares were trading at a premium to NAV of 2.6% at the year end.
“A number of specific assets were responsible for boosting returns, not only as a result of a strengthening investment and occupational market, but also due to asset management and successful lettings. The largest contribution to returns came from Units 1-2 Network, Eastern Road, Bracknell, which produced a total return of 30.8 per cent following the re-letting of one of the units on a ten year term, without break, at a new rental level of £367,300 per annum, which equates to £10.50 per square foot, some 19 per cent higher than the previous passing rent,” F&C said.