Palmer Capital’s flagship £118m opportunistic real estate fund delivered a total return of 24.2% in the 12 months to 31 March.
The Palmer Capital Development Fund IIB, which closed in 2010, is aimed at institutional investors and had a quarterly return of 5.7% in the three months to the end of March.
The fund invests in opportunistic real estate, such as a 13,000 sq ft office building in Buckingham Street, WC2 which has planning consent for conversion into 11 luxury flats.
The investment period ends in December this year.
Alex Price, chief executive of Palmer Capital, said: “We are delighted to deliver such strong performance with minimal leverage, showing we can deliver returns through asset management, stock selection and entrepreneurial drive and energy.”
Fund manager and venture capital company Palmer Capital completed the £39.7m takeover of Invista Real Estate Investment Management in August last year, concluding Invista’s two-year wind-down process.
Palmer Capital has £500m of discretionary assets under management on behalf of both institutional and private investors.
sophia.furber@estatesgazette.com
