UK assets return 11.5%
UK commercial property returned 11.5% in 2013 compared with just 2% for 2012 thanks to rising capital values. According to CBRE’s Monthly Property Index, December’s total return was 1.9%, of which 1.4% was capital value growth. Offices outperformed in December with 2.8% total return, of which 2.4% was capital value growth.
?£140m first close for UBS fund
UBS Global Asset Management’s first UK debt fund has reached a £140m first close with commitments from three institutional investors, including Mitsubishi Corporation. The UBS Participating Real Estate Mortgage Fund will lend against UK real estate, targeting an annual IRR of 8-10% over 10 years.
?SREIT plans share issue
The Schroder Real Estate Investment Trust aims to raise £17.2m through the issue of 35.6m ordinary shares, or 10% of total issued share capital. It will invest the proceeds in two regional schemes.
?Redefine in ADR push
Redefine International launched its American Depository Receipt programme on 31 December. The move allows US retail investors to buy shares over the counter in local currency.
Montello launches debt fund
Montello Bridging Finance ?has launched a UK debt fund which it aims to grow to £250m. The fund will lend mezzanine and stretch senior debt alongside short-term bridge loans, targeting a 6-10% annual return.
