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Property fund to be launched

publication date: Feb 26, 2010
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British LandBritish Land is said to planning a new Buy to Let property fund with CR Property Advisers. The fund aims to raise £50 million in the first tranche of investment building to £300 million. The fund will focus on properties worth around £500- 800,000 and about 500 properties are expected to be purchased, with a target rental income yield of 3.5 per cent. King Sturge will act as adviser. British Land is the UK’s second largest property investment trust but it will only actually invest £6million of its own money in the fund, one of its first residential investments since 2006.

James Taylor, director at British Land, said: “This is an expansion of British Land’s property management. It is appropriate that as a manager we should also take a stake.”