Invista Launches All-equity Property Fund

摘要

Invista real estate investment Management has launched an all-equity UK property fund.The largest UK-listed property fund manager is structuring the fund as an open-ended investment company and will target retail investors and small pension funds.It will focus on core UK commercial property assets across all sectors with yields of 7% and above.The fund will be seeded with an initial injection of ￡50m, primarily from Clerical Medical, including newly purchased prime assets, so that it immediately pays out a dividend to investors.It has been launched under the Clerical Medical brand, which is owned by HBOS - a 50% shareholder in London-listed Invista.Duncan Owen, CEO of Invista, said the fund would be looking to attract an additional ￡10m-￡20m of equity each month and that the alhequity route was designed to counter the cost of debt and reduce the risk associated with retail property funds.