Palmer Capital Partners has announced the launch of The Palmer GVA Property Fund LP, with equity raised from both institutional and private investors.
Palmer Capital Partners has announced the launch of The Palmer GVA Property Fund LP, with equity raised from both institutional and private investors.
Palmer Capital said the new vehicle was believed to be one of the few private property funds that have successfully closed this year. The fund will have a gross size of £160 mln (EUR 183 mln) once fully invested.
The fund, launched in joint venture with GVA Grimley is the first new fund of its type to be launched for many months in the UK. The fund was oversubscribed, and has closed with equity raised of about £80 mln. It is a five-year closed-ended vehicle and will purchase assets with long-dated income streams to good covenants in good locations.
The fund will buy lot sizes of up to £10 mln, and will source its deals through a combination of the property companies in which Palmer Capital is invested as well as GVA Grimley and other agents.
The investors in the fund include clients of ING Real Estate, Aviva Investors and Henderson Global Investors. It also includes about £7 mln of private investor money, of which £2 mln has been invested personally by directors of Palmer Capital and GVA Grimley.
