Schroders has launched a property venture fund with a seven-year life aimed at institutional investo...
Schroders has launched a property venture fund with a seven-year life aimed at institutional investors.
The Gresham Property Partnership is a limited partnership which has launched with £66m of equity already committed by four founding investors.
These are an overseas pension fund, a UK corporate pension fund, a UK property unit trust and a Channel Islands investment subsidiary of Schroders.
There will be a second closing in December 2001, when up to £34m of further equity can be admitted. Prior to the start of formal marketing, terms have been agreed with a UK local authority pension fund for some of this amount.
The fund is looking to have total assets of £250m. The balance of Gresham's capital will be made up of debt, which will be raised as and when investments are made.
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