Hunter Real Estate Investment Management has bought the first assets for its core-plus, value-add UK Retail Trust fund.

Three high street assets, in Norwich, Ipswich and Edinburgh, have been bought for the high street-focused fund for £14m (€19.9m).

Andrew Moffat, fund manager at Hunter, said: “The purchases provide excellent opportunities for proactive asset management.”

He said the company would continue to source assets on a “deal-by-deal” basis for the closed-end fund.

Three high street units in Norwich were bought for £10.6m from a private investor, while two units in Ipswich and Edinburgh were bought for £2.1m and £1.34m, respectively.

The fund was recently seeded with £64m of investment from key investor Aviva Real Estate Multi Manager.

Leveraged at approximately 30%, the fund is aiming for around 10% returns, taking projected gross assets to more than £100m.

Assets will be bought for the fund over the next 18 months, according to Mark Hunter‎, founder of the manager.

Hunter has in the past worked with Oaktree Capital Management and Canada’s Alberta Investment Management.