First Property raises £182m to invest in post-Brexit properties
First Property Group has raised £182 million ($237.7 million) for its newly launched fund, Fprop Offices, which will invest in office blocks and business parks across England. First Property plans to buy projects that have been hit by a slowdown in the British commercial property market.
The fund, which has a term of seven years, received £182 million ($237.7 million) in equity commitments from eight institutional investors, including a commitment of £3 million ($3.9 million) by First Property.
The fund is expected to have a second closing with additional money raised later this year, according to news sources.
Uncertainty about the value of British property and its future growth has grown after Brexit, as financial services firms, which are large occupiers of London offices, draw up plans to move some jobs out of Britain since the vote to leave the European Union. A survey in May by Deloitte Real Estate showed that the amount of empty office space in London