Management of the UK Commercial Property trust has changed from Ignis to Standard Life Investments with the existing team, including portfolio manager Robert Boag, moving across.
The £1.1 billion closed ended fund's share price returned 14.6% in one year to the end of June, compared with a rise of 12.1% for the MSCI ACWI/real estate benchmark. In three years, the trust's share price has returned 22.8%, compared with 28.4% for the benchmark.
The £390 million acquisition of Ignis by Standard Life Investments completed yesterday, and there is expected to be significant synergies made as part of the deal.
'Following detailed discussions with Standard Life Investments ('SLI'), the board is pleased to confirm that SLI has also provided assurances regarding the retention of the team involved in the management and administration of the company which will provide continuity for the successful management of the company going forward,' the UK Commercial Property Trust's board said in a statement.
SLI already has a real estate team of more than 120, with £10.5 billion in assets.