EUROPE - Celogix Property Fund, the eurozone logistics and distribution property fund managed by Aberdeen Property Investors, has raised a further E70m from two new institutional investors, one Danish and one Norwegian, as well as from four current shareholders.
It is also awaiting confirmation on further commitments.
These new commitments to the fund will allow the property portfolio to grow from its current level of E200m to E340m. The goal is to increase the fund to approximately E400m by the end of the year.
The fund currently comprises 14 properties in the Netherlands, Germany and France with a total floor space of 376,120 sq m. This year it will start investing in Spain and Belgium to increase portfolio diversification.
The fund, which raised E101m when it launched in September 2000, is open to European institutional investors with a minimum investment of E5m. The fund qualifies as an investment institution for tax purposes and is not listed.
HMRC has confirmed providers operating relief at source pension schemes can continue to collect automatic tax relief at a basic rate of 20% under new Scottish Income Tax rules.
The Pensions Regulator (TPR) is seeking "improved" powers to set a schedule of contributions in defined benefit (DB) schemes in the government's upcoming white paper, it has revealed.
New regulatory rules which require providers and advisers to produce annuity illustrations will not solve the problem of consumer detriment as they are "fundamentally" flawed, according to Retirement Advantage.
Paul Budgen is set to join financial technology and auto-enrolment (AE) firm Smart Pension as director of business development.