Global real assets manager Patrizia is seeking to raise £75m (€87.3m) for its open-ended UK property fund.

The manager said it has launched the fundraise for the Patrizia Hanover Property Unit Trust to finance a “capex programme delivering significant ESG-related improvements across the portfolio”.

Patrizia, which expects to raise the capital from new and existing investors, said the money will be allocated across several major projects at some of the fund’s flagship assets.

Hanover Property Unit Trust was established in 1967 and currently has £500m in assets under management. The fund’s assets include the Westcott Venture Park business park asset in Aylesbury, the Mole Business Park in Leatherhead and the Thorp Arch asset in Yorkshire.

Mischa Davis, fund director of Hanover at Patrizia, said: “This fundraise will enable us to undertake a comprehensive asset management programme as we aim to unlock significant upside potential, create maximum value for our investors and, importantly, ensure that our assets are future-proofed for the coming years.

“In line with Hanover’s ESG ambitions, the majority of these measures will improve the sustainability performance of our assets, to maintain the fund’s net zero position and ensure Hanover is among the most sustainable funds in its peer group.

”This ongoing strategy is designed to further enhance an already high quality, diversified portfolio that continues to consistently outperform the market and delivers robust returns to investors over the long term.”

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