London apartment fund holds final close
London Central Portfolio held a final close for its London Central Apartments II fund on May 15 with £100 million ($155.6 million) in equity commitments, reaching the fund’s target fundraising goal.
The first close for the fund was held in December, and several investments have been made since, according to a spokesperson for LCP. The value-added fund focuses on small one- and two-bedroom properties, renovating and updating the assets.
The fund closed with just over 200 investors with an average subscription size of £250,000 ($388,717). LCP has invested 5 percent of the total equity.
LCA II will be targeting prime emerging areas in central London. The fund has purchased properties in Notting Hill and Paddington, as well as other similar areas.
LCP is projecting returns in excess of 12 percent per year, says the spokesperson.