FUNDS

Segregated accounts

INTERNOS manages both funds and segregated accounts, with the latter more suited to those with a larger portfolio or specific investment criteria.

Our approach to segregated accounts always begins with the client. By understanding a client’s risk appetite, tax position, approach to leverage and return requirements, we are able to consider the role any investment may play within a client’s portfolio and advise them accordingly.

Once the criteria are set, a strategy is agreed and investments sourced by our transaction teams. Acquisitions are transferred to our specialist asset managers and the portfolio kept under review by an investment manager.

With segregated accounts, the client often retains control or veto of the transaction decisions, but every key investment decision is subject to the scrutiny of our Investment Committee to ensure best advice to each client.

We were particularly pleased that two of the mandates were awarded to INTERNOS following a market search process and due diligence review by pension fund consultants Mercer and Townsend.

SUMMARY

2017 Corporate Pension Fund for cycle resistant assets with a 6.5% ungeared IRR – €100 million initial allocation

2016 Brazilian family office Iberian Retail: 2 shopping centres currently managed

2016 Sharia compliant Core/Core+ mandate – €200 million + investment capacity

2013 SH Immo: Target €100 million within 5 years

2013 Sachsen Doctors: Target €200 million portfolio Hotels – value add strategy

ACCOUNTS

SH Immo

PORTFOLIO

Segregated account, structured as a Spezialfond in the INTERNOS KVG.

AUM/LTV

€23 million / 48.6%

INITIAL STRATEGY

Investment in core office assets in the Cologne region with secure long term income streams and limited risk of capital loss.

OUTCOME

Three assets acquired to date with strong investment pipeline. The fund has dry powder of €40 million, targeting €100 million GAV over 5 years.

Sharia Compliant
Mandate

PORTFOLIO

Exclusive mandate to invest in Core and Core+ assets across Europe.

AUM/LTV

Investment phase commencing.

INITIAL STRATEGY

To target core/core+ assets with single let long leases or multi-let with active asset management with an IRR target of 7.5%-9% and an income return of 6-7%.

OUTCOME

Pipeline portfolio under development. Targeting GAV of €200 million over 3 years.

Brazilian
Family Office

PORTFOLIO

Mandate to provide investment and asset management services.

AUM/LTV

€105 million / 13.3%

INITIAL STRATEGY

To invest in core/core+ retail, office and logistics assets across Spain and Portugal to deliver an 8% to 12% IRR

OUTCOME

Two Spanish shopping centres under management. Pipeline identified.

Corporate Pension
Fund

PORTFOLIO

Segregated account mandate acting on behalf of the Corporate Pension Fund Trustees.

AUM/LTV

Investment phase commencing.

INITIAL STRATEGY

Focused on avoiding underperformance in a cyclical downturn, rather than achieving outperformance in a cyclical rally. Target unlevered IRR of 6.5%.

OUTCOME

Pipeline portfolio under development.

Local Authority
Pension Fund

PORTFOLIO

Fiduciary management mandate providing assurance to the board on governance and operations.

AUM/LTV

£154 million / n/a

INITIAL STRATEGY

The investment is in a residential property company specialising in the provision of affordable housing with long term, inflation linked rents to support long term, socially responsible investments.

OUTCOME

The company has acquired over 1,000 shared ownership affordable housing properties across the country and has further pipeline.

Giles Smith - Head of Fund Management - Biography and contact details


Giles Smith

Head of Fund & Asset Management

As Head of Fund Management, Giles is responsible for asset and fund management services provided by INTERNOS. A Chartered Surveyor with 14 years’ experience in fund management and corporate real estate, Giles began his career with ATIS Real Weatheralls, providing corporate real estate and consulting services for major listed companies such as London Electricity and Barclays. Giles moved on to become Real Estate Corporate Finance Manager at Deloitte & Touche, working on real estate transactions including the sale and leaseback of 41 hotels for the WA Shearings Group (£110m) and the sale of 24 hotel assets for Macdonald Hotels (in excess of £400m); as well as providing structural and strategic advice on real estate investment funds. More recently, Giles became a Fund Manager with GPT Halverton in 2008, and has been a Fund Manager with INTERNOS since 2010, responsible for a number of real estate investment funds including HBI Netherlands, Dutch Active Fund, Benelux Industrial Partnership, German Office Fund and Alecta Netherlands.


Phone: +44 (0)20 7355 8800

Email: Giles.Smith@internosglobal.com

INTERNOS Global Investors
www.internosglobal.com
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Phone: +44 (0)20 7355 8800    Fax : +44 (0)20 7355 8801

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