UK - Puma, a property fund with a seven-year lifespan, is being targeted at institutional investors seeking returns higher than equities and bonds.
Investment bankers Shore Capital and merchant banking and property specialists Dawnay, Day have teamed-up to create the fund which will invest in UK commercial investment property.
The fund - which hopes to raise between £50m-£100m - has been designed to offer a regular income stream as well as good capital growth.
Dawnay, Day International chief executive Peter Klimt said: “Traditional investors in the UK commercial property market are rationalising and refocusing their portfolios, giving opportunities for targeted investment by experienced active managers. Property’s positive yield gap over financing of comparable maturity makes a leveraged strategy attractive.”
The fund will have an active management approach and is being established as a limited partnership with feeder funds for smaller investors and SIPPs.
By Paul Sanderson
The Co-operative Group's Somerfield Pension Scheme has completed a buy-in with Pension Insurance Corporation (PIC), insuring the benefits of its pensioner members.
Caroline Rookes CBE and Michele Hirons-Wood have joined The Pension Superfund's board of trustees to focus on maintaining governance standards and safeguarding member benefits.
The first specialist independent firm advising pension schemes on bulk annuities or moving to a consolidator has been set up with ambitions to shake up the market.