Cordea Savills has launched a flagship open-ended UK commercial property fund with a target size of £1bn.
The Cordea Savills UK Income and Growth fund is managed by George Tindley and aims to deliver distributions to investors in excess of 5% as well as capital growth over the longer term. The fund will invest in prime assets across the main commercial sectors, including office, retail and industrial. The maximum leverage will be 30% loan to value of the gross asset value. The fund has already had its first close with three cornerstone investors, including Aviva Investors, as well as another leading global multi-manager and a European pension fund. Tindley says: "Despite uncertain pros...
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