UK-based real estate group Picton is recruiting five employees from ING Real Estate Investment Management in the UK. The five are all members of the team of London-listed ING UK Real Estate Income Trust, which is transforming itself into a self-managed company called Picton Property Income Limited.

The five will formally transfer to Picton's investment management subsidiary, Picton Capital Limited, on 1 January 2012. In the interim they will continue to be involved in managing the company's assets for the duration of ING REIM's notice period.

They rejoin Picton CEO Michael Morris, who was the fund manager of the trust before the start of the internalisation process.

ING UK Real Estate Income Trust was established in 2006 as a closed-end vehicle to invest directly and indirectly in commercial property across the UK. At end-June this year the trust, renamed Picton, had a market capitalisation of £209 mln (EUR 241 mln) and managed a portfolio valued at £426 mln. The company has over 900 investors.