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.