Legal & General Property and the Edinburgh-based property developer Kenmore Property Group have set up a joint venture to establish ARC Property Fund, a new UK regional core plus office fund that will acquire, refurbish and asset manage a multi-let regional office portfolio across the UK. ARC has been structured as a Jersey Property Unit Trust and will acquire an initial portfolio of about £150 mln (EUR 222 mln). Once that point is reached, the fund will be opened up to other third party equity investors 'with the aim of eventually growing the fund to about 1 bn of assets', the parties said. The life of the fund will be 15 years.
Premium subscriber content – please log in to read more or take a free trial.
