Valad Property Group has become the latest company to launch a UK opportunity fund.
It wants to set up a £500m fund, and has completed its first round of capital raising, with A$340m (£150m) in debt and equity.
Bank of Scotland Corporate is partnering Valad as its founding and largest equity partner and as provider of debt finance.
Valad joined the Australian flood of money into the UK last year with its £865m takeover of fund manager Teesland.
“We have been an active investor and trader in the UK market in the past decade, but have been patient for the past year,” said UK managing director of real estate Didier Tandy. “With the market starting to provide opportunities, this fund allows us to ramp up our activities and target distressed or mispriced assets.”
Valad said that the fund would target multi-sector opportunities in the UK, and aim for an equity internal rate of return of more than 15%.
It joins a growing list of firms launching opportunity funds, including Resolution, Evans Randall, Delancey, and Milligan.
