UK regional property investor and manager Praxis has launched a new value-add fund with a targeted investment volume of £250 mln (€280 mln).
Praxis held a first close for the vehicle in August, accepting subscriptions from both US and European institutions.
'Our aim is to deliver opportunistic-type returns without migrating too far up the risk curve,' commented Praxis' managing director Gary Roberts.
Despite the turmoil in the retail investment market in the UK, Praxis' new fund will focus on the segment which it believes is currently underpriced.
Roberts: 'We’re focused on trends that will play out over the medium term, hence our recent return to the retail sector. This may appear contrarian, but we think it is essentially oversold. Our thesis is that not all retail is bad, but it is certainly being priced that way at present, and we think that represents an opportunity. We acquired a couple of shopping centres last year and the funds’ first acquisition will also be in this sector.'
Praxis is the investment vehicle of Monaco-based property entrepreneur Mark Harrison and specialises in value-add strategies in the UK regions.
