Zurich Financial Services Australia has awarded Canadian fund manager Presima a global $63 million real estate investment trust (REIT) mandate.
Presima chief executive Peter Zabierek said he was extremely pleased Presima would be managing money on Zurich’s behalf and said it showed high conviction in the asset manger’s ability to identify compelling global REIT opportunities.
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"Our team has been working on a number of significant opportunities recently as the business continues to grow. This mandate, along with our MLC win last month, reflects the growing interest and support for the Presima business," he was quoted as saying by Financial Standard.
In April, MLC awarded Presima a $360 million real estate mandate.
Commenting on the deal, Philip Kewin, Zurich general manager of retail life and investments, said: "Presima is a highly experienced Global REIT manager and we believe the robustness of its investment approach and track record of consistently outperforming the benchmark during the last five years gives a good indication of the quality it will bring to our diversified strategy."
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