Banco Santander subsidiary Luresa Inmobilaria has appointed property adviser Gresham Down and Knight Frank Investors to help it expand the fund's assets under management from £65 mln (EUR 74 mln) to more than £150 mln (EUR 171 mln).

The fund, which is listed on the Dublin Stock Exchange, owns 21 secondary properties - mostly office and industrial assets - across the UK. The push to expand the fund comes as it changes its name from GlanEuro Property Fund to Luri 5 UK Property Fund.

Gresham Down and Knight Frank Investors are to put together a plan for the portfolio that is expected to include an asset management strategy to upgrade the current portfolio and facilitate potential sales of its current investments.

Santander is keen to promote the open-ended fund, which was set up more than four years ago, to its private investor base as a UK property investment vehicle.

The instruction was held previously by Cardales, which was bought by Deutsche Bank two years ago. Gresham Down and Knight Frank Investors beat off competition from King Sturge and CB Richard Ellis to win the mandate.