UK - Schroder Property Investment Management has launched its latest property investment vehicle, Gresham Property Partners, L.P.
This follows the launch of its City of London (CLOUT) and West End (WELPUT) property unit trusts earlier this year.
Gresham, which is a seven year limited partnership, has been launched with £66m of equity already committed by four founding investors. This includes CDP Capital (one of the real estate arms of Caisse de dépôt et placement du Québec), a UK corporate pension fund, a UK property unit trust and a Channel Islands investment subsidiary of Schroders.
There will be a second closing in December 2001, when up to £34m of further equity can be admitted. Terms have already been agreed with a UK local authority pension fund for some of this amount. The balance of Gresham's capital will be made up of debt which will be raised as and when investments are made.
Schroders said that Gresham’s acquired assets are likely to consist of standing investments and developments; interests in shared ownership vehicles; joint ventures with specialist managers and developers as well as securities in quoted and unquoted property related companies.
Schroders will adopt a generalist investment philosophy for Gresham, targeting any sector of the market where sufficiently attractive returns can be expected. Where a specialisation is required to optimise these returns, Gresham may invest alongside an appropriate joint venture partner.
By Janet Du Chenne
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