International law firm SJ Berwin has advised Schroders on the establishment and first closing of its Columbus real estate fund. The fund, which will target returns of 15% per annum net of fees, will acquire real estate in the UK which has value-added potential and will be a mix of retail, office and industrial properties.

International law firm SJ Berwin has advised Schroders on the establishment and first closing of its Columbus real estate fund. The fund, which will target returns of 15% per annum net of fees, will acquire real estate in the UK which has value-added potential and will be a mix of retail, office and industrial properties.

The fund received subscriptions for approximately £80 mln from more than 10 institutional investors at the first closing and is expecting to raise a further £170 mln at subsequent closings over the coming months. The fund will use leverage of up to 50% loan to value giving a post leverage portfolio of around £500 mln.

The fund will be advised by Columbus Capital Management which is part of Schroders' real estate investment and asset management business