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.