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First Property sets up new fund to invest in UK offices

StockMarketWire.com

First Property Group has established a new fund - Fprop Offices LP - with eight institutional investors.

The fund has a term of seven years and is mandated to invest in office blocks and business parks across England. It said the fund closed its first round of funding on 14 July with equity commitments of £182 million, including a commitment of £3 million by First Property.

It said a second closing with additional equity commitments was expected later this year. It said: "Investments by the Fund may be leveraged up to a maximum loan to value of 30%, giving the Fund an initial total buying power of £260 million.

"First Property will not levy management fees for its services but will instead share in the profits earned by the Fund as outlined below.

"By sharing in the Fund's profits, First Property believes it will earn significantly more than it would via more traditional management fee structures.

"This arrangement also naturally demonstrates First Property's confidence in the prospects of the Fund as well as better aligning its own interests with those of its clients."



Story provided by StockMarketWire.com