Fri, 18/07/2014 - 10:03
Kames Capital has won two indirect property mandates totalling more than GBP150 million – a GBP103m portfolio from a corporate pension fund and a further GBP50m from a university pension scheme.
The mandates follow on from other recent wins including a GBP85m investment from the Kelda Group Pension Plan and GBP50m from the UK pension scheme of a global consumer brand.
The mandates will be managed by Kames’ indirect property team of Mark Bunney, Matt Day and Tony Yu.
Bunney says: “These latest mandates underline the growing recognition of Kames’ indirect property investment offering. We have seen a real up-tick in interest for property in general over the last year and particularly for Kames’ property products both direct and indirect and it is good to see this interest now translating into further mandates.
“The larger of the two mandates was fully invested but the trustees were impressed by Kames’ strong track record and focus on liquidity and risk management. In addition they were confident in Kames’ ability to speedily transition the portfolio to be more liquid and higher yielding without taking more risk or increasing the tracking error.
“The smaller mandate was only partially invested following an additional allocation. This was similar to another recent win where Kames, by utilising the secondary property market, was able to invest a large cash allocation within three weeks at a small discount to NAV, representing a substantial saving were the investment to be made via the primary market (i.e. at full offer).”
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