Legal & General Property (LGP) has begun marketing its second UK Property Income Fund (UKPIF II).
Legal & General Property (LGP) has begun marketing its second UK Property Income Fund (UKPIF II).
The fund has a target gross asset value of up to £1 bn (almost €1.2 bn) and follows on from UKPIF I which is fully invested.
LGP said a first close by the end of the second quarter of this year was expected for the new fund.
UKPIF II is a closed-end English limited partnership and will feature off-shore feeder vehicles. Like its predecessor, the fund allows investors to choose their preferred level of gearing of between 0% and 50% Loan to Value (LTV).
The fund’s investment strategy will be opportunity-led, targeting assets across the UK and within sectors that the fund manager sees as offering the most compelling return prospects. Target acquisitions will be centred on large lot size assets, underpinned by strong income streams.
Cushman & Wakefield will support the marketing activities around the fund.
