Fidelity Expands Its UK Property Portfolio
Fidelity Investment Managers, a British investment management fund that specialises in ISAs and SIPPs, has purchased several UK commercial properties, thus expanding its UK Real Estate portfolio.
The firm, which currently manages £126 billion in assets of 660,000 Brits, spent £85 million on the purchase of 3 industrial sites, 3 offices, Reading's 200 Berkshire Place (all in the Midlands), Hamilton Palace Towers (in Scotland), and Holland House (in Bournemouth).
Commenting on the acquisitions, Mr. Cable of Fidelity Investment Managers said that the company is interested in diversification and purchase of high quality commercial property, which will bring stable income. He added that this strategy has been followed by the company for the past 4 years and proved to be efficient as the customers of Fidelity enjoyed strong performance.
It is also important to note that apart from property acquisitions, Fidelity made another significant move by hiring Steve Howling. Former associate director and fund manager at CBRE Investors will take the post of a Portfolio Manager on the UK Real Estate Fund.