Knight Frank Investment Management’s Long Income Property Unit Trust has completed a second close, reaching £507m in committed equity.
The fund raised £200m in new equity on top of the £307m raised at launch in February 2016. It has 41 separate assets spread across the UK covering a range of traditional and alternative properties with an aggregate yield of more than 5% and a weighted income duration of about 20 years.
The fund will use the equity to target further investments in line with its existing portfolio.
Kevin Aitchison, chief executive of Knight Frank Investment Management, said: “The launch of LIPT, our first comingled investment vehicle, was always going to be an important step in the development of the KFIM business.
“However, of greater importance was our ability to invest the equity within the agreed time scales and to deliver on the fund strategy. The raising of the new money is testament to the success of Matthew McDonald, Mike Maddox, Alex Braithwaite and the rest of the team in achieving these objectives.”
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