FINANCE: Investors in London Central Portfolio’s 2008 vintage residential fund have voted in favour of a five-year extension.
The £25m London Central Portfolio Fund 1 was due to expire in July 2016, but 85% of investors in the prime London-focused vehicle agreed to roll over, in a ballot that took place last week.
The closed-ended fund has an IRR of 8.5%.
The boutique investment manager runs two other prime London residential funds, one of which is the £23m London Central Residential Recovery Fund, a vulture fund launched in 2009 to buy up one- and two-bedroom properties in Mayfair, Kensington and Chelsea.
LCP is raising for a fourth London residential fund with a final close expected in November.
