UK - Property Fund Management and the Singapore-based asset manager GIC Real Estate have launched a UK industrial property fund, aimed at institutional investors.
The fund, Industrial Investment Partnership, will focus on acquiring underperforming industrial estates and properties. PFM’s management will then try to turn around the properties in order to boost the income and capital growth over the life of the fund.
IIP has received a total investment of £52.5m to date and with gearing – or loans – the fund will have up to £150m to spend on acquisitions. GIC has invested £49.9m, while PFM has put £2.6m into the fund.
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