Greenridge Investment Management has secured a first close for a new regional investment fund and plans to spend up to £300m.
The Mayfair-based fund manager has secured a £25m first tranche of funding from Australian, Middle Eastern and North African high-net-worth investors for the Greenridge Regional UK Property 1 fund.
The fund will initially target long-let properties in all sectors with lot sizes of up to £15m and yields of around 6.5%.
It plans to leverage its investments at a 65% loan-to-value ratio.
It will primarily target the top 20 UK cities, but is open to locations across England and Wales.
Greenridge is run by Bik Bhuptani and Paul Simmons, who have built up a £150m nationwide office, industrial and retail portfolio.
Bhuptani said: “We believe that offices in the regions are set to outperform central London over the next five years. Increased demand from investors is fuelling yield compression and, on the occupier side, the improving economy and lack of supply is driving rental growth.”
