GLOBAL - Baring Houston & Saunders (BH&S), part of ING Real Estate, has launched its new UK Residential Property Fund.
The Guernsey-domiciled fund is open to both domestic and overseas institutional investors.
The fund will invest in a modern, and nationally diversified portfolio. The projected rate of return is 9-10%.
“Despite rumours that various economic uncertainties may negatively impact the market, BH&S is confident that the residential sector remains a good long term investment. This confidence is based on the simple, but incontrovertible, fact – that with a growing population and the lowest rates of development since 1924 – demand for housing simply outstrips supply,” said the firm.
The fund’s first closing is September 30, 2002. Its initial size will be around £100m; the target is £250m.
Investments are for an 8-year term with a 2-year wind down period.
BH&S director Elliot Caldwell will manage the fund.
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