Terra Catalyst Fund, a closed-end fund that invests in undervalued listed real estate companies, has completed the largest IPO on London's junior AIM market so far in 2008. Fairfax raised £116.3 mln (about EUR 143.5 mln) in the institutional placing. Registered in the Cayman Islands, Terra Catalyst targets listed property companies and funds that have experienced sharp declines in share price in Europe. The fund intends to be substantially fully invested within six months.
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