Pramerica Ground Lease Fund Raises £44 Million
Pramerica Real Estate Investors, the European arm of the real estate investment and advisory business of US-based Prudential Financial, has raised an additional £44 million (€53 million) in new subscriptions to the Pramerica UK Ground Lease Fund since November 2011. With the new subscriptions, the core open-end fund has £285 million (€342 million) in commitments.
The fund invests in ground leases in the United Kingdom. Recently, the UK Ground Lease Fund acquired the freeholds of a portfolio of six iconic hotels for £90 million (€108 million). The vendor was Principal Hayley Group, and the portfolio comprises the Russell London, Royal York, Metropole Leeds, George Edinburgh, Palace Manchester and Selsdon Park Surrey hotels.
Pramerica Real Estate Inve