The Association of Real Estate Funds is a not-for-profit trade association, based in the City of London.
Much of the association’s activity is driven by the valuable work of our various committees within AREF. Each one reports into our Management Committee, responsible for steering the association, which in turn reports into the Board, the overall governing body for AREF.
As such, we benefit from the collective expertise and extensive experience of representatives from all our member firms, as well as professional investors and investment consultants.
From April 2019, AREF extended its strategic partnership with the Investment Association, becoming a Special Member. This partnership materially enhances the resources available to both parties: for AREF, particularly regarding its policy and lobbying activities; for the IA, AREF becomes their centre of excellence in all things real estate.
The AREF Board
The Board is responsible for the strategic direction of the association. It consists of eight non-executives, one of which is the Chairman, and one executive director, the Chief Executive Officer for AREF.
Head of Real Estate Solutions, Fidelity
Adrian is the current Chair of the Association of Real Estate Funds, and previously Chaired the AREF Corporate Governance Committee.
Adrian currently holds the position of Head of Real Estate Solutions at Fidelity International. He is responsible for delivering new client solutions, innovation and overall business development activities. Adrian has been advising and working within the real estate industry for more than two decades.
Having originally trained as a Civil Engineer he qualified as a Chartered Accountant with PWC before joining UBS Investment Bank. During this latter role he specialised in providing M&A, IPO and debt advice for listed property companies across the globe. For the latter half of his career, Adrian has worked in real estate asset management roles covering capital raising, fund structuring and debt financing. He is a passionate advocate for real assets and the important role it can play as part of a long term savings solution but also how the industry can improve to deliver its benefits to a wider client audience
Head of Knight Frank Investment Management, Knight Frank Investment Management
Kevin is the Head of Knight Frank Investment Mangement and has over 25 years’ experience in the UK real estate market. Before joining the business, he spent 11 years at ING Real Estate Investment Management (ING REIM), culminating in his appointment as CEO of the UK business in October 2008. During his time at ING he had extensive experience of the portfolio and fund management of both segregated accounts and collective investment schemes, acting on behalf of a variety of UK and overseas institutional clients. As CEO he took responsibility for the re-structuring of the ING REIM UK business, creating an enhanced focus on client service and performance.
Kevin is a member of the Investment Property Forum. In his spare time he is Chair to the Board of Great Britain Wheelchair Rugby, the only contact sport for tetraplegic athletes, suffering both upper and lower limb disability.
Group Finance Director and Chief Operating Officer, Sandstone Investment
Paolo is a qualified Chartered Accountant and is Group Finance Director and Chief Operating Officer at Sandstone Investment, a boutique investment firm focussed on the residential sector. Paolo previously held the position of Real Estate COO at abrdn plc. As a member of the executive team at Sandstone Paolo is responsible for leading the finance and operations functions across the business whilst also playing a key role in the development and delivery of the overall strategy for the business, including the development of a new REIT strategy focussed on the student sector. Whilst at abrdn, and as a member of the Real Estate leadership team, Paolo was responsible for providing strategic leadership and input at both business and product level whilst also being responsible for overseeing and managing the profitability of the real estate division. In his time at abrdn Paolo was heavily involved in and often lead on a number of high-profile initiatives including a wide range of product launches, the industry leading merger of two PAIFs, and the development of the firm’s commercial real estate lending platform, as well as playing a key role in developing the firm’s leading real estate ESG capability.
Head of Investment Strategy (Real Estate), Abrdn
Anne’s role is to lead the investment approach, process and strategy for the real estate business at Aberdeen Standard. This includes the creation of a Global Houseview to support real estate investment allocations relevant to all investor outcomes, as well as the development of the risk based tools and strategic insights to deliver a strong long term risk adjusted track record for clients. Anne chairs the global committees across the Real Estate business assessing fund strategic plans for investment, distributions and asset management.
Edmund is an experienced real estate business leader with deep knowledge of management and of real estate and equity and debt capital markets, both public and private.
He was the Managing Director (and Partner) of Rockspring Property Investment Managers from 2009-2018, responsible for strategic direction and day to day operations, and was Senior Managing Director, Head of Fund Management and a member of the Senior Leadership team and Operational Board of PATRIZIA from 2018-2021. He has extensive experience of chairing and participating in Investment Committees and other key corporate and fund governance boards and committees, including ESG committees.
Before joining the real estate investment management industry he had a long career in investment banking, and he was European Head of Real Estate Investment Banking at both UBS Investment Bank and Lehman Brothers. There, and as an independent consultant following the Global Financial Crisis, he advised a wide range of companies and investors on capital raising, corporate finance strategy and M&A transactions from 1987-2009.
Non Executive Director
William holds a number of positions, including, Chairman at Ediston Property Investment Company plc Board Member at Old Oak and Park Royal DC (OPDC) NED Mayfair Capital.
Prior to becoming a consultant in 2014, William joined Schroders in 1989 as a fund manager, Promoted in 1990 and then to head of property in 1991.
He has a BSc in Land Management from Reading University.
Deborah Lloyd is the former Chairman of the Association of Real Estate Funds until 2020, and until 2015 was the Vice Chairman of the Management Board of INREV. She is also a non-executive board member of Kames Target Healthcare Fund, a consultant to the student accommodation fund manager, Curlew Capital and a member of the University of London’s property committee.
Until 2016 Deborah, for 23 years, was a Partner at law firm Nabarro LLP, now part of CMS, where she co-founded the Funds and Indirect Real Estate team, which is ranked tier 1 in Legal 500. At Nabarro she set up and advised on funds for institutional and private equity fund managers including Aviva Investors, Standard Life, Henderson, Knight Frank, Cromwell, Kames Capital, iQ, Catalyst Capital, Rockspring, Aberdeen (SWIP), IMPAX, Curlew Capital, Eskmuir Asset Management. Deborah has a legal background in direct real estate, so understands real estate as an asset class from a development and leasing perspective.
Fund Manager, DTZ Investors
Rebecca’s core competencies are in the management of indirect property portfolios and she has a range of experience including:
- Developing investment strategies for investors;
- Implementation of investment strategy through sourcing, negotiating and underwriting new issuance and secondary market transactions;
- Appraisal of investment managers;
- Fund due diligence;
- REITs and more liquid structures
- Trading, redemptions and fund liquidations.
Rebecca is a holder of the Investment Management Certificate (IMC January 2010)
Rebecca has a BSc (Hons) Economics, University of Surrey (2009)
Principal Founder, Lothbury Investment Management
Simon was previously a Director with NatWest Investment Management and Gartmore Investment Management. He is currently Chief Executive of Lothbury Investment Management Limited which has assets under management of over £1.8bn.
Simon is a Director of The Association of Real Estate Funds and a member of the RICS Planning & Development Professional Group Board. He is also a member of the Royal Institution of Chartered Surveyors, The British Council of Shopping Centres and The Investment Property Forum.
Managing Director, AREF
Paul is the Managing Director of AREF.
Before joining AREF, Paul was Head of the European Real Estate Boutique within Mercer’s investment consulting business for almost 10 years, previously he was Head of Indirect Real Estate Investment and Global Managed Accounts at LaSalle Investment Management, where he was responsible for managing global portfolios of unlisted real estate funds for clients from Europe and Asia Pacific.
He has over 25 years of real estate experience in investment, corporate finance and research, and has advised investors, occupiers and venture capital companies on property portfolio strategy and on financial structuring, including PFI, senior and mezzanine debt and joint venture arrangements. His employers have included LaSalle Investment Management, Cushman & Wakefield and Henderson Investors.
Before coming into the world of real estate, Paul worked in marketing and market research. He originally studied Physiological Sciences at Lincoln College, Oxford and has a Master of Science in Real Estate from City University Business School, London, now Cass Business School.