Nick Leslau has hit out at plans by Aviva to call a new listed company “Aviva Investors Secure Income REIT”, because of the name’s similarity with Leslau’s established “Secure Income REIT”.
Secure Income REIT, which was floated in 2014, has complained to Aviva Investors about the planned £200m listing, saying that the company has no problem with Aviva launching a similar long-income vehicle, but that the new vehicle should not replicate its name in its entirety.
As reported by Sky News, Leslau said: “It is true we have raised concerns with both Aviva and the FCA regarding the adoption of our whole company name within the name they have selected for their new proposed listed vehicle, which appears to be engaging in an identical property investment activity, and which we believe will confuse the market.
“Our board is bewildered as to why they would do this.”
Aviva’s lawyers have warned the advisers to Secure Income REIT that they could be held responsible in the event that the listing turns out to be unsuccessful.
Leslau said: “We have created a well-recognised brand in this specialist space since our own listing, and a business with £1.7bn of assets, and it is disappointing that Aviva could not find a name that doesn’t incorporate 100% of our own.
“We have alerted the matter to the relevant regulatory authority for their determination.”
Aviva’s statement said: “From the name, it is clear that Aviva Investors Secure Income REIT plc is associated with Aviva Investors, one of the UK’s largest asset managers and part of Aviva plc. There has been no intention to cause confusion or mislead investors.
“The term ‘secure income’ is purely descriptive, is commonly used in the market by other listed and unlisted vehicles and is not a protected term.
“We considered carefully the name for our REIT, and believe the use of ‘secure income’ in the name is entirely appropriate given that the purpose of the fund is to offer a secure long-term income for its investors.”
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