Neil Dovey, GVA’s head of transactions and capital markets, is leaving the property adviser after more than 25 years with the firm.
The UK executive board member of GVA is joining Legal & General Investment Management Real Assets to become the fund manager’s head of annuity transactions. In his new role Dovey (pictured) will source new deals for LGIM RA’s long-income funds, its annuity fund and its Limited Price Inflation Income Property Fund.
The long-income sector has seen a surge of capital flood into it as investors seek bond-like security from property, which typically generates higher returns than fixed-income products. This in turn resulted in a number of IPOs focused on the area last year, including LXi REIT, AEW UK Long Lease REIT and Supermarket REIT.
Gordon Aitchison, director and head of transactions at LGIM Real Assets, said: “Neil’s experience in funding, advising local authorities and creation of annuity stock makes him ideal for the role. Legal & General is committed to investing its long-term capital into real assets which are economically and socially useful.
“Neil will ensure that we continue to source clever deals and work closely with the public sector to create new high-quality assets that we want to own for the long term.”
Gerry Hughes, chief executive of GVA, added: “We wish Neil the best in his new career with LGIM. In his 25 years with GVA he has made a phenomenal contribution to the business and has been incredibly supportive to me as chief executive in recent years. We look forward to continuing to work with him as a client in his new role.”
GVA’s owner EQT is currently in the midst of a potential sale of the business with Avison Young and Cushman & Wakefield both having held discussions over a prospective purchase.
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