Henderson Global Investors has appointed Mark Carpenter as head of its property funds, replacing Roger Dossett who will leave the firm later in the year.
Carpenter will assume overall responsibility of the New Star UK Property fund and the still suspended New Star International Property vehicle.
Marcus Langlands Pearse, director of UK property, will continue to manage the UK fund.
Henderson says Dossett will be leaving the firm later in the year to pursue his own property interests.
Carpenter says there are "promising signs" the UK commercial property market is close to bottoming.
"Yields on prime properties have stopped widening and in some cases have begun to narrow as buyers gradually return to the market," he says.
"This is reflected in the fund, which reported its first positive portfolio valuation at the end of June since mid 2007 and has a current yield of 6.1%."
In addition, Henderson New Star says it remains on target to open its suspended International Property fund later this year.
"Our overriding priority for the New Star International Property fund is to build up a sufficient level of liquidity to be able to reopen the fund for dealing," Carpenter says.
"However, we are mindful of achieving fair value for the assets and will not, therefore, dispose of assets below what we consider to be fair value."
Henderson says the international fund is expected to complete two sales by September, with a further disposal expected to be come in the third quarter.
It forecasts the fund will re-open with a portfolio of about 15 direct properties across several countries in Europe and the Asia Pacific region - including Germany, Poland, Czech Republic, Singapore, Australia and Japan.
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