The Company was incorporated in England and Wales on 27 September 2017 as a public limited company. The Company will, pursuant to the Investment Management Agreement, be externally managed by its investment manager, Aviva Investors UK Fund Services Limited, which is incorporated as a company limited by shares in the United Kingdom and is wholly-owned and controlled by Aviva. The Investment Manager is authorised and regulated by the FCA to perform fund management activities and to act as an alternative investment fund manager. The Company intends to carry on business as a REIT, subject to meeting the necessary qualifying conditions.
The Company will invest primarily in a diversified portfolio of high-quality long-lease commercial real estate assets in the UK. Properties will be leased to predominantly investment grade tenants. The Company will make its investments directly or through holdings in special purpose vehicles.
The Company’s primary objective is to deliver a secure and growing income return together with capital stability through typically upward only rent reviews linked to inflation or subject to fixed uplifts, together with the potential for capital growth by way of focused asset management and strategic acquisitions, with the intention of creating value for Shareholders. As at the date of this Prospectus, the Portfolio Manager has entered into exclusivity arrangements and/or advanced negotiations on behalf of the Company in respect of the acquisition of the four assets comprising the Target Portfolio of approximately £85 million.
The Investment Manager has delegated certain of its responsibilities and functions, including portfolio management, asset management and property level services to the Portfolio Manager, which is also a member of the Aviva Group. Pursuant to the Portfolio Management Agreement, the Portfolio Manager will be responsible for providing investment related services (including asset sourcing) to the Investment Manager and has discretion to make investment decisions subject to matters involving a conflict of interest which require the approval of Independent Directors. The Portfolio Manager will also be responsible for conducting initial due diligence on the commercial characteristics of potential investment opportunities. The Portfolio Manager has delegated certain of its responsibilities and functions for property level services to the Property Manager. Pursuant to the Property Management Agreement, the Property Manager will be responsible for providing
property level services in respect of the investments of the Company.