RLAM says the change is intended to make the vehicle appeal to a broader range of investors, including multi-managers, wealth managers, and insurance companies – which will be able to invest through a feeder fund.

It is the first time that an existing property fund has been converted to a PAIF since rules allowing their creation were introduced by the FSA in 2008.

RLAM hopes that by attracting more investors, it will increase the pool of funds available to invest in bigger investment opportunities. As a PAIF the vehicle will be an OEIC, which means it can also access non-physical property asserts, including real estate investment trusts, ETFs and other collective investment vehicles.

The overall objective of the fund remains: to invest in a diversified range of UK commercial property.

Stephen Elliott, fund manager, says: "The broader appeal of our fund as a PAIF is an exciting development for us and we look forward to demonstrating the success of our philosophy and process to a greater number of potential investors."

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