Knight Frank Investment Management's first open-ended fund has acquired six assets worth a total of £40 mln (€50.8 mln) since its launch in February.
The KFIM Long Income Property Unit Trust is targeting properties in the UK that are securely let for terms in excess of 15 years.
The six transactions included small-format food stores in various locations, a healthcare asset in Cumbria, a car showroom in Bristol and affordable housing in London, providing a combined yield of 5%.
Matthew McDonald, fund manager at KFIM LIPUT, said: 'We are delighted with progress to date. Importantly, the quality and investment characteristics of the assets that we have acquired demonstrate the robustness of the fund strategy.'
KFIM raised £300 mln at the first close of the fund in February, with equity provided by pension fund clients of London-based Willis Towers Watson.
