Fundraising focuses on equity and debt
Legal & General Property has announced the final close of its UK Property Income Fund II. It is believed to represent the largest volume of capital raised by a diversified UK closed-end property fund in more than 12 months. The fund secured more than £403 million (€549 million) in equity, giving it a total buying power or gross asset value of £610 million (€831 million) when including gearing.
The firm’s maiden income fund, UK PIF I, closed in 2011 with £300 million (€409 million).
“The UK Property Income Fund model has continued to prove popular with investors, due to both its innovative answer to accommodating varying investor appetites for leverage as well as the ever popular desire for income-producing properties,” said Charlie Walker, director and fund manager of UK PIF I and UK PIF II.
Another final close was London Central Portfolio, which raised £100 million for its London Central Apartments II fund. The value-added, opportunistic fun