British Airways Pension Trustees is among investors that have backed a regional UK property fund managed by Barwood Capital.

The investment manager said it raised £100m (€140m) in funds from high net worth individuals and institutional investors.

Most investors have invested in previous Barwood funds.

The company said the fund, launched in February this year, would take advantage of the “positive arbitrage” between primary and secondary assets in the UK’s regions.

The five-year fund will target commercial and residential real estate, with lot sizes of between £3m and £25m.

Joanna Greenslade, managing director at Barwood, said it had identified a pipeline of potential assets.

Barwood previously said it was targeting an annual IRR of 15% for the fund, in which company executives have co-invested around £3m.

Barwood directors Ed Henson and recently appointed Andrew Barlow will source and manage new opportunities for the fund.

Giles King has been appointed fund chairman.

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