Resolution lll still to spend €400m

Resolution Property has still to spend half of the €808m equity raised for its Resolution Real Estate Fund III in late 2007. It announced at MIPIM that the rest of the €400m cash from the eight-year, closed-ended fund would be allocated to potentially stalled developments.

Resolution says that with 60% gearing it could unlock up to €1bn of retail, office and some mixed-use schemes valued at between €30m and €130m, in the UK, France, Germany and Poland, and possibly Spain, Benelux and Scandinavia.

It may also consider major Central European city markets  and residential property. In the UK, it is targeting town-centre shopping centres, leisure investments or retail and mixed-use developments where there is potential to add value.

It is also pursuing office and residential projects in London and the South East. Resolution director Robert Wolstenholme said: “A typical UK project would require between £10m and £75m of equity to kick-start development. “We can fund schemes to a point where financing becomes possible or in some cases provide 100% equity finance.”