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Morley offers property fund

Aviva subsidiary Morley Fund Management is offering a highincome property fund.

The Morley high-income property unit trust will be available from

March and minimum investment is £10,000. The fund will invest in

a mix of direct commercial property and propertyrelated corporate

bonds.

Morley says it is taking a medium-term view of the commercial

property market and adopting a diversified investment portfolio

which it expects to yield 7-8 per cent a year. The portfolio will be

made up of 75 per cent direct property, 20 per cent bonds and 5 per

cent cash.

The lead manager will be Gerardine Davies, who manages the firm&#39s

flagship fund the Norwich property trust.

She says: “Although there is a slowing of rental growth in certain

sectors, the commercial market remains strong in terms of investor

demand. In addition, the fund has been positioned to invest in

properties with particularly long leases, with an average lease

length of about 14 years.”

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