PATRIZIA’s open-ended property fund Hanover was the best performing fund in the MSCI UK Other Balanced Property Fund Index last year, outperforming by more than 700 bps.
The fund’s performance was ‘primarily driven by its diversified portfolio and sector allocation, with high exposure to multi-let industrial in prime regional locations where rental growth continues’.
Hanover, which launched in 1967 and now has £525m of assets under management, claimed it had seen lower redemptions than its peer group and was ‘well positioned to benefit from any recovery in 2023’.
Mischa Davis, fund director of Hanover and managing director at PATRIZIA, said: “Despite the macroeconomic headwinds challenging the real estate sector, we are hugely encouraged by the solid performance of Hanover in 2022 and are naturally delighted to continue our track-record of delivering outperformance against the industry benchmark for investors.
“This incredible consistency over the last 10 years is testament to our team executing an agile and forward-thinking strategy, ensuring Hanover remains one of the UK’s market-leading balanced real estate funds that prioritises both investment performance and ESG. In the current economic climate, the results underline just how important mid-size real estate funds are in providing outperformance for clients within their wider investment portfolios.”
