Eskmuir Properties has launched a diversified property fund for charities.

The investment manager said it was looking to raise £200m (€275.8m) for the tax-efficient investment trust, which will have a five-year life.

Eskmuir said the fund aimed to deliver an annual 6% distribution while enhancing capital values.

Investing in multi-let properties in “strong locations”, Eskmuir said it would look to grow income, as well as capital values.

Charity investors from the education and wildlife sectors, employee welfare and the church have backed the fund, committing £30m.

The fund has an £18m seed portfolio of four properties, with capital immediately available for other investments.

Stuart Beevor, previously managing director at Grosvenor Fund Management and Legal & General Property, has been appointed chairman of the fund’s investment advisory board.