inProp Capital has appointed SMT Trustees (Ireland) Limited, SuMi TRUST Global Asset Services' trustee business, as depositary for its umbrella inProp Institutional Investment Fund and its master sub-fund, the UK Commercial Property Fund.
London-based inProp Capital’s fund gives qualified investors a broad and diversified exposure to UK commercial property returns without many of the drawbacks normally associated with investing in real estate.
The UK Commercial Property Fund was launched in September 2010 and offers a distinctive approach to commercial real estate investment by employing a synthetic strategy using derivative instruments. The fund is an Irish domiciled QIF with a technical listing on the Irish Stock Exchange. SMT Trustees (Ireland) Limited has served as trustee to the USD216m fund since inception.
Paul Ogden of inProp Capital says: "We wanted to work with a depositary partner that could understand and handle our innovative fund strategy. SuMi TRUST's strong heritage in the Irish market, its Trustee expertise and the deep capital reserves of its parent bank gives us added security."
David O’Keeffe at SMT Trustees (Ireland) Limited says: "The rapidly approaching July deadline for AIFMD registrations has made the provision of both depositary and depositary lite services one of our most active business areas of client support in the last year. inProp Capital is a sophisticated and exciting manager and we look forward to meeting their requirements and continuing to develop our relationship with them."