Stonehage Group, the London-headquartered multi-family office, has announced aggressive expansion plans for its property advisory business which will see its portfolio grow to £2 billion ($2.9 billion) over the next few years in response to clients’ increasing interest in property as a “safe haven” investment.

Stonehage Property Partners, which has been investing in and managing property for the past five years, will primarily focus on London and the southeast, although it will continue to seek property investment opportunities outside the UK. It will invest both on a syndicated basis or directly on behalf of its client families, and investments will typically be in the range of £5 million to £25 million.

To help drive its expansion, SPP has recruited Adam Kerr, as a director, from Talisman Capital, the California-headquartered property investment and development firm. There are also plans afoot to continue to expand the SPP team as its property portfolio grows.

“There is real appetite from our clients to invest in property as a safe haven in the still fragile global environment. Property delivers strong and sustainable income allied to long-term capital growth and our clients have a strong affinity to own bricks and mortar,” said Eric Fisher, SPP director.

“Despite the recent recovery in some areas, prices are still at a low point in the cycle, particularly when you factor in the devaluation of sterling for overseas buyers. The next three years present a good time for our clients to invest in property to benefit from market recovery.”