The Association of Real Estate Funds (AREF), a representative body in the UK for unlisted commercial real estate funds, has announced that two more funds have become members. They are specialist funds managed by Hermes Real Estate Investment Management, and have a combined net asset value (NAV) of EUR 1.13 bn as at June 2007. One is the £491 mln (EUR 704 mln) X-Leisure Unit Trust, a specialist leisure fund established in June 2004. It is a closed ended Jersey Property Unit Trust and owns landmark properties such as Brighton Marina, Xscape and the O2 arena. The second is the £298 mln (EUR 427 mln) UK Logistics Fund, a closed ended property unit trust established in March 2006.
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