The aim of the AREF Management Committee is to best represent the membership collectively, and in a non-partisan way, in acting on behalf of the Board or making recommendations to it.
The obligation on the Board, supported by Business Strategy Committee and Management Committee is to appoint senior industry figures as members such that the Committee encompasses the best possible spread of fund types and the skills and experiences of individual members.
The Management Committee delegates specialist responsibilities to a number of Committees and Working Groups.
Management Committee Members:
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.
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.
Head of Tax, Private Assets, Schroders
Christopher’s current focus is supporting the growth of the Private Assets business within Schroders through close working with the investment and product teams to meet investors' objectives and manage tax risks effectively, and providing tax due diligence and transaction support on acquisitions, both for the Schroders group and on behalf of investors.
Investment Director, European Real Estate, Fidelity
Adrian is the Chair of the AREF Corporate Governance Committee.
Adrian is Investment Director at Fidelity responsible for real estate capital markets and development of new client solutions. He has 20 years experience of advising on and structuring real estate solutions, having previously worked at Invista Real Estate, UBS Investment Bank and PwC. During his career he has been responsible for the launch of several listed property vehicles, the origination and structuring of senior and junior debt as well as the launch of both domestic and international property strategies. During his time at UBS, Adrian specialised in Real Estate Corporate Finance advising major listed companies on M&A, financing, IPOs and Credit Ratings.
Adrian joined Fidelity in 2008 and is part of the Senior Management team. He holds a MEng in Civil Engineering, is a qualified Chartered Accountant (ICAEW) and an FSA approved person. He is also a member of the IPF’s Residential Special Interest Group
Managing Director, BlackRock
Justin is the Chair of the AREF Research & Information Committee.
Justin is Managing Director at BlackRock, and a member of the Real Estate Team and Portfolio Manager of the BlackRock UK Property Fund. He is responsible for management and performance of the Fund. He leads a team of investment professionals dedicated to the management of the Fund.
Justin joined BlackRock from UBS Global Asset Management in 2012. He has worked within the UK property industry for 18 years focusing primarily on fund management and investment.
Justin has a Bachelor of Economics degree from University of Tasmania (Australia) and a Post Graduate Diploma in Estate Management from Southbank University. He qualified as a Chartered Surveyor in 2000.
Head of Real Estate Equity Solutions, LGIM
Anthony is Head of Real Estate Equity Solutions at L&G Real Assets. He leads a team responsible for delivering new business, new equity and quality client service for the Real Estate platform.
During his 4 years at Legal & General he has supported the drive into Real Assets, designing products for real estate, infrastructure and private credit, while re-structuring and capital raising for existing real estate equity products across the LGIM Real Assets platform.
Prior to joining LGIM Real Assets in 2015, Anthony spent 15 years at Schroders Investment Management, where he was Fund Manager of 12 pan-European accounts and 2 pooled funds representing £1.7bn AuM.
Anthony is a qualified Chartered Surveyor (MRICS) and member of the Investment Property Forum. He holds a CFA UK Investment Management Certificate and a 2:1 degree in Economics and Business.
Fund Manager, BMO Real Estate Partners
Guy is the Chair of the Retail Funds Committee and sits on the AREF Management Committee.
He is a fund manager at BMO Real Estate Partners. Prior to joining the group in 2004, Guy spent nine years at Wereldhave Property Corporation, where he was responsible for managing their UK portfolio.
Before this, he worked at Northampton Borough Council.
Guy graduated from the University of Reading with a BSc in Land Management and holds the RICS postgraduate diploma in Property Investment. He qualified as a Chartered Surveyor in 1994.
Director, CBRE Global Investors
Dugal Hunt is a Director within the CBRE Global Investment Partners team with responsibility for client portfolio management and sourcing and undertaking due diligence on investment opportunities.
He has 14 years property industry experience and has 11 years of detailed knowledge and experience of investing in real estate funds in the UK and Continental Europe. In addition to underwriting new investment opportunities, Dugal has been able to use his industry contacts to actively source investments in existing funds on the secondary market. He has been successful in negotiating attractive entry pricing in a number secondary market transactions on behalf of clients of GIP.
Dugal joined CB Richard Ellis Investors in March 2004. Prior to this he has worked at Investment Property Databank on the Portfolio Analysis Service for 3.5 years. Dugal gathered valuable experience during his time at IPD, understanding and analysing portfolio performance statistics.
Dugal is a member of the investment property forum and he has been approved by the FCA to conduct investment business. He also holds the Chartered Financial Analyst designation. He is a graduate of University of Bristol with a degree in Geography.
Fund Manager, La Salle Investment Management
Katie is the Chair of the AREF ESG & Social Impact Investing Committee.
Katie is a Fund Manager within LaSalle Global Partner Solutions, having joined the team in 2010. She holds a degree in Architecture from the University of Toronto, a MSc. in Real Estate from CASS Business School and the CFA Society of the UK, Investment Management Certificate.
As well as being Chair of the AREF ESG & Social Impact Investing Committee, she is also Chair of the Global Real Estate Sustainability Benchmark (GRESB) Advisory Committee and member of the United Nations Environment Programme Finance Initiative Property Working Group.
Tom joined the Real Estate division of Langham Hall in July 2019, as an Associate Director. He works primarily with UK Real Estate managers in the setup and ongoing administration of various investment structures.
Prior to this, Tom worked at global fund administration firm Vistra.
Tom has a Bachelor’s degree in Biology from Cardiff University, graduating in 2013, and is currently studying towards becoming a CAIA charterholder.
Anthony Shayle formerly (until March 2020) Head of Real Estate Debt EMEA and Portfolio Manager for UBS-PREMF within Real Estate Debt UK (RE-UK-DT), businesses-part of Real Estate & Private Markets within UBS Asset Management (UBS-AM). He was appointed Head of REUK-DT and Portfolio Manager for UBSPREMF in April 2013. In this role, he focused on growing the debt business within RE-UK-DT.
Anthony joined UBS-AM’s RE business in June 2009 as Head of RE-UK. This senior debt fund has deployed equity 1.4 times and as at September 2019 was showing an IRR at portfolio level of > 8%.
Prior to joining UBS, Anthony worked for AXA REIM (20052009), where he was initially Head of Business Development and Marketing UK and then Regional Head of UK, Benelux and Nordics. Anthony held various senior investment asset management, debt structuring, finance and accounting positions in the area of private equity and real estate in Curzon Global Partners, AXA REIM (in a previous period), RODAMCO, UBS, BZW and Bankers Trust. Over the last 20 years he has raised circa €2.3 billion of equity for real estate investment and debt strategies representing approximately €5.5 billion potential AUM.
Anthony is both a Fellow of the Association of Chartered Certified Accountants and the Royal institution of Chartered Surveyors.
Partner, CMS Cameron McKenna Nabarro Olswang LLP
Darren is Chair of the AREF Education & Training Committee. He is a Partner in CMS UK's Funds and Indirect Real Assets team. He is qualified in Australia and England, and has been practising law in London since 1999.
Darren has acted on a large and varied number of real assets transactions, often with an international element. He now focuses on structuring transactions through indirect vehicles such as companies, limited partnerships, unit trusts and offshore vehicles. He advises on UK and international fund establishments, joint ventures, corporatised asset sales and acquisitions and also advises investors looking to invest in UK, pan-European and global funds.
AREF Secretariat, AREF
Jacqui provides policy guidance and secretariat services to the AREF Board and AREF Management Committee as well as the following AREF Committees: Corporate Governance, ESG & Impact Investing, Investor, Public Affairs, Research and Information and Retails Funds. In addition, Jacqui monitors members’ compliance with AREF’s Code of Practice.
Jacqui joined AREF in 2014 after working for over 25 years in fund compliance, client relationships and administration at Natwest Trustee & Depositary Services.