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Commercial Property News
New UK commercial property fund launched by First Property Group
First Property Group Plc, the AIM-listed property fund management group, today announces that its principal subsidiary, First Property Asset Management Limited, has signed a contract to establish a seven year closed ended fund to invest in UK commercial property with a cash commitment of £106 million, in further evidence of funds pouring into the sector.
The fund will be called The UK Pension Property Portfolio LP and the external investors are exclusively UK pension clients of Stamford Associates, a leading international investment consultancy firm.
Ben Habib, Chief Executive of First Property Group plc, said:
"We are extremely pleased to have secured this new UK fund; not only does it mark a more substantial return to the UK for us, it is also an important milestone in our growth. Our focus in the coming months will be to invest this new UK fund; indeed we have already identified initial acquisitions."
The fund will initially be un-geared but may introduce gearing at a later stage, it will target properties with lot sizes of between £3 million and £15 million.
The fund will be called The UK Pension Property Portfolio LP and the external investors are exclusively UK pension clients of Stamford Associates, a leading international investment consultancy firm.
Ben Habib, Chief Executive of First Property Group plc, said:
"We are extremely pleased to have secured this new UK fund; not only does it mark a more substantial return to the UK for us, it is also an important milestone in our growth. Our focus in the coming months will be to invest this new UK fund; indeed we have already identified initial acquisitions."
The fund will initially be un-geared but may introduce gearing at a later stage, it will target properties with lot sizes of between £3 million and £15 million.
Mon, 8th Feb 2010