Login to UKBP
Commercial Property News
HSBC sets up commercial property fund
HSBC has established a €1 billion (£88 million) fund to purchase commercial property in the UK and across Europe.
According to Property Week, the bank has completed fundraising for its European Active Real Estate Fund and will officially launch it next week.
The bank is apparently negotiating to purchase Valad's Industrial Investment Partnership for approximately £50 million and it has already carried out investment elsewhere, having acquired Nottingham's Victoria retail park and the Parkway Industrial Estate near Heathrow over the Christmas period.
Paul Mackey, who runs HSBC's property fund investment arm, said that while it will be investing in all sectors, it will be focusing on industrial business property.
"We started raising money last year in a very difficult market and were very pleased with what we achieved," he was quoted as saying, adding that the bank is looking to carry out spending "on a discretionary basis".
Last November, HSBC agreed the £772.5 million sale of 8 Canada Square on Canary Wharf in London to the National Pension Service of Korea.
According to Property Week, the bank has completed fundraising for its European Active Real Estate Fund and will officially launch it next week.
The bank is apparently negotiating to purchase Valad's Industrial Investment Partnership for approximately £50 million and it has already carried out investment elsewhere, having acquired Nottingham's Victoria retail park and the Parkway Industrial Estate near Heathrow over the Christmas period.
Paul Mackey, who runs HSBC's property fund investment arm, said that while it will be investing in all sectors, it will be focusing on industrial business property.
"We started raising money last year in a very difficult market and were very pleased with what we achieved," he was quoted as saying, adding that the bank is looking to carry out spending "on a discretionary basis".
Last November, HSBC agreed the £772.5 million sale of 8 Canada Square on Canary Wharf in London to the National Pension Service of Korea.
Tue, 9th Feb 2010