The New Star International Property fund has raised £206m making it the most successful independent UK retail fund launch ever, according to the asset manager.
The group says the amount raised was even more exceptional because the fund has yet to be linked to most of the major fund platforms.
Only two platforms, Cofunds and Transact, were able to link during the fund’s offer period. However, New Star International Property fund was the best selling fund on the Cofunds platform for the month of May, despite being available for only two weeks of the month. Other platforms are expected to link to the fund in the next week.
New Star’s property team, which manages nearly £3bn of property assets, has exchanged on £121m of prime properties in the Netherlands, Germany, Japan, Singapore and Australia. It has entered negotiations to purchase a further £40m worth of properties in Australia, France, Sweden and Germany.
Roger Dossett, chief executive of property fund management at New Star, says: “There is clearly a strong demand for international direct commercial property and we have already found a number of properties and markets that will form the next stage in the continued growth and diversification of the New Star International Property fund.”IFAonline
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