British Land, a London-based property investment company, has selected real estate fund management firm INTERNOS Global Investors to manage and provide fund advisory and asset management services to Pillar Retail Europark Fund (PREF).
Established in 2004, the Luxembourg-based PREF is currently backed by British Land and a selection of institutional investors. It owns ten retail parks in Spain, France, Portugal and Italy worth 230 million.
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Following the integration, most of British Land’s personnel in Spain and France have transferred to INTERNOS.
The replacement is the eight for INTERNOS since being launched in 2008 and brings its asset under management to 4.1 billion.
INTERNOS executive chairman Jos Short said this appointment by British Land is a great endorsement of their pan-European investment management platform.
"We look forward to maximising returns for investors at this point in the European real estate cycle," Short added.
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By GlobalDataINTERNOS fund management head Matt Walker said they have been appointed with a clear mandate from British Land to undertake intensive asset management measures ahead of progressively selling as markets recover.
"We have considerable experience in managing and transacting retail parks with a current portfolio of more than 100 retail properties across several continental European jurisdictions," Walker added.
