Aviva Investors appoints Andrew Davey to Lime Property Fund
Aviva Investors has appointed Andrew Davey as assistant fund manager on its flagship Lime Property Fund.
Davey will work closely with fund manager Renos Booth on the day-to-day running of the fund.
Davey joined Aviva Investors in 2007 and has worked in the real estate multi manager and returns enhancing and liability matching (REaLM) teams. His most recent role was assistant fund manager on the REaLM commercial and social housing funds. Davey also spent three years undertaking asset management across all sectors for Aviva Investors’ segregated clients, including asset management responsibilities for Lime.
Renos Booth, fund manager for Lime, says: “This has been a landmark year for Lime as we reached the milestone of over GBP1bn in assets under management. More than ever, UK pension funds are turning towards lower-risk property assets that can offer an investment return in excess of that available from fixed income assets.
“Andrew brings to the fund an impressive track record in property asset management and a solid understanding of long lease strategies. His support will be invaluable as we continue to grow assets and meet continued demand from investors.”
Lime invests in property assets across a diverse range of sectors, including healthcare, education, libraries, offices and retail. With a high concentration of rents that are either index-linked or that have pre-agreed fixed uplifts, it has an average unexpired lease term of over 20 years and a tenant base focused on strong covenants (such as public sector bodies and blue-chip corporations).
Lime is a Jersey regulated unit trust, open to professional investors with over GBP1m to invest. Its aim is to deliver returns of 1.5 per cent p.a. over a 50:50 benchmark of medium and long-dated gilts, net of fees and expenses.