The Legal & General Investment Management division has made a senior hire for its UK leisure park fund.

Legal & General Investment Management Real Assets has appointed Louis Storrar to the newly-created role of senior asset manager for its leisure fund.

Storrar previously worked at Savills, where he was seconded to The Crown Estate to head up property management for its regional portfolio. Most recently, he took on a secondment at L&G to support the Leisure Fund.

The Leisure Fund, which was launched in 2002, now has almost £500 million ($647 million) of assets under management, comprising 14 prime leisure assets occupying dominant positions across the UK and a major development scheme in the centre of Bournemouth. With a weighted average unexpired lease term of close to 14 years, almost 50 per cent of the fund’s income benefits from being inflationary linked or incorporating fixed uplifts. Last year, the fund delivered a total return of 11 per cent to institutional investors, above that of the MSCI All Leisure Benchmark.

Based in London, Storrar will be responsible for the asset management of the fund, while also acting as a specialist leisure adviser to the rest of the L&G platform, which has a further 12 specialist leisure assets, taking the firm’s total leisure assets under management to around £1 billion. Storrar will report to fund manager Andrew Ferguson.