Cordea Savills Launches Residential Development Fund
Cordea Savills has launched a fund to develop residential property in London. The Prime London Residential Development Fund, which will focus on providing financing for residential developers, is targeting IRRs of 18–20 percent per year. The closed-end fund has a target size of £250 million (€290 million), with a first close set for January 2012.
“This proposition is one of the most compelling in the property sector at the present time. It provides the opportunity to capitalise on the current development funding gap as well as benefiting from the strong capital growth forecast in the prime London residential market during the life of the fund,” comments Patrick Carr, director of investment.