Fundraising - AUGUST 2, 2016

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Kames launches second U.K. property unit trust

by Andrea Waitrovich

Kames Capital has plans to launch a second version of its closed-end U.K. Active Value Property Unit Trust with a £50 million ($67 million) seed investment from U.K.-basedWest Midlands Pension Fund.

The new fund will aim to raise £250 million ($333 million) and will have a target distribution yield of approximately 6.5 percent per year gross of AMC (paid quarterly).

The launch of the seven-year closed-end Active Value Property Fund II follows the success of its first fund, the U.K. Active Value Property Unit Trust, which raised £275 million ($366 million). It will follow the original fund’s investment strategy, targeting the good-quality secondary commercial property market, particularly those properties in the £5 million ($6.7 million) to £15 million ($20 million) price bracket.

The new Active Value Property Fund II has a seven-year lifecycle with the opportunity to extend for a further two years. The fund structur

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