British property fund manager Lathe Investment has said it will list a Nordic land company on the AIM market of the London Stock Exchange later this year. The launch is being conducted in tandem with broker SP Angel and Matrix.
British property fund manager Lathe Investment has said it will list a Nordic land company on the AIM market of the London Stock Exchange later this year. The launch is being conducted in tandem with broker SP Angel and Matrix.
Lathe raised £13.4 mln (EUR 19.8 mln) in April through a private placement with investors and over £10 mln was used to buy an initial portfolio. It currently has a pipeline of properties with an aggregate value of £230 mln, including a number of retail centres in Sweden. Lathe said the portfolio will eventually encompass properties in Norway, Finland and Sweden and should reach £500 mln. It expects to be fully invested in 12 months.
The property fund manager noted that total returns for retail property investors in Nordic countries have ranged from 13.2% to 23.2% per annum in recent years, compared to 14.5% in the eurozone as a whole.
Under the terms of a management agreement, Lathe will receive an asset management advisory fee based on the group's assets equal to 0.65% per annum, subject to an annual minimum of £300,000.
