Pramerica Real Estate Investors, a subsidiary of US insurer Prudential Financial, has hired three portfolio managers from UBS Global Asset Management to lead a push into UK property. The move comes as investors both inside and outside the UK say that the commercial property market is near a bottom after almost two years of falling prices.

A spokeswoman at UBS confirmed that Charles Crowe, Paul Dennis-Jones and Andrew Grigson have resigned. It is understood that they will stay on for about three months. The spokeswoman declined to comment.