Four retail property veterans plan to raise £100m of equity for a new UK shopping centre fund. Centenary Investments, Ashcroft Estates and Henry Boot hope to raise the money by the summer for the CAB Shopping Centre Fund.
Curlew Capital, a new company set up by Valad’s Paul Oliver, is advising on the fund raising and is targeting UK and continental European investors.
Centenary Investments is run by experienced trader-investor Ranulph Philips, while Ashcroft Estates, run by Tony Baker, Ian Moorcroft and Anthony Suchlick, has a track record in intensive retail asset management.
CAB will target £50m-£80m schemes where it can improve income, particularly investments that changed hands in the rising market without having any money spent improving them.
Baker said: “A number of cornerstone investors have said they will come in. We think there is value in certain areas of the retail market now.” Oliver will remain a consultant at Valad Europe until September.