London, 17 December 2009 - PRUPIM announced today that, working closely with ICAP Property Derivatives as broker, it has successfully executed a series of UK property derivatives totalling £100 million with The Royal Bank of Scotland (RBS). The property derivatives were total return swaps, based on multiple UK IPD sub–sectors.
 
 
 
“PRUPIM has completed the largest series of sub sector property derivative transactions ever as part of a portfolio rebalancing. ICAP’s focus on developing property end-user participation in this market has been particularly valuable in this process. We take the view that this kind of activity can be a valuable device in managing risk in an institutional commercial property portfolio," said Will Robson, Property Derivatives Director at PRUPIM.
 
 
 
“We have long believed that property specialists and institutional investors will be even more attracted to the benefits of property derivatives as liquidity grows in the sub-sectors. This transaction is a further example of PRUPIM leading the way in the development of the property derivatives market,” said Paul Rostas, Head of Property Derivatives, ICAP.
 
 
 
“Sub sector property derivatives are generating a lot of demand currently as clients are now comfortable with the product and can use it to match their exact property requirements. RBS is pleased to be part of such a significant transaction” said Alex Winward, Property Derivatives Trader at RBS
 

About PRUPIM
 
PRUPIM is a top 20 global real estate investment manager. We form part of the M&G Group of Companies, which is the asset management arm of Prudential plc in the UK and Europe..
 

RBS Global Banking & Markets (GBM)
 
RBS Global Banking Markets (GBM) division is a leading banking partner to major corporations, financial institutions and public sector clients around the world. GBM provides an extensive range of debt, equity and commodity markets, treasury and investor products, and financial advisory services. The division focuses on long-term customer relationships and excellence in global product execution. GBM is active in the Americas, EMEA and Asia Pacific.
 

About ICAP
 
ICAP Property Derivatives is a division of ICAP plc (IAP.L), the world’s premier interdealer broker and provider of post trade services. The Group matches buyers and sellers in the wholesale markets in interest rates, credit, commodities, foreign exchange, emerging markets, equities and equity derivatives through voice and electronic networks. ICAP is also the source of global market information and research for professionals in the international financial markets. ICAP plc was added to the FTSE 100 Index on 30 June 2006. For more information go to www.icap.com