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Cordea Savills launches UK Income and Growth Fund

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Property fund manager Cordea Savills has launched the Cordea Savills UK Income and Growth Fund, an open ended UK commercial property fund. 

 

The core diversified fund intends to deliver distributions to investors in excess of five per cent as well as capital growth over the longer term.

The fund is managed by George Tindley, who has outperformed the UK market in 20 of the last 21 years with his management of a discretionary FTSE 100 pension scheme.

The fund, which has a target size of GBP1bn, will invest in prime assets offering secure income streams across the main commercial sectors, including office, retail and industrial. 

For offices, the fund is targeting London and the top six cities; for retail it is focusing on retail warehousing in areas of undersupply and large catchments; and for industrial the key drivers are proximity to motorways, underlying land value and long occupational leases. 

The maximum leverage will be 30 per cent 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 multi-manager and a European pension fund. The fund is now set to make a number of acquisitions.

Michael Flynn (pictured), head of institutional business at Cordea Savills, says: “We are launching this fund in response to investor demand for a low-geared core fund with a transparent structure and no legacy issues. The fund, with its stable income bias, aims to deliver outperformance against the property market over the longer term whilst being risk-averse. George Tindley has an impressive track record in the UK property market and he has the right credentials to manage the UK Income and Growth Fund through all types of market conditions.”

The fund will be an open-ended Jersey Property Unit Trust with a Luxembourg FCP feeder fund.

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