Legal & General Property’s UK Property Income Fund has taken in a further £100m from investors in France, Finland, Switzerland and Japan. The new money takes the fund’s net asset value to more than £250m and its gross asset value to £400m.
The fund, managed by Charlie Walker, buys large assets: it recently bought Fremlin Walk shopping centre in Maidstone and has invested £213m to date. It aims to pay a 7% income yield.
It has a Eurohypo debt facility and investors have the flexibility to select their preferred level of leverage. The new commitments have been evenly split between those with and without gearing. The placement agent was Cushman & Wakefield Corporate Finance.