Global equities fund launched
Neuberger Berman has launched a real estate fund under its UCITS umbrella. The Neuberger Berman Global Real Estate Fund will tap into real estate as bond yields drop. It will invest in 50-70 stocks across geographies and property sectors and will be managed by Steve Shigekawa.
Rockspring in £324m close
Rockspring has closed its UK Value 2 LP fund after raising £324m from 11 investors in eight months. The fund, which is targeting returns of 12.5%, will be geared to 50%, giving it a firepower of £650m. It has already bought seven properties across the UK.
F&C launches offshore vehicle
F&C has launched an open-ended investment company for its F&C Property Growth & Income fund. The fund, run offshore since 2005, is now available to UK investors and will have its assets transferred to a new open-ended vehicle.
Cotton picks Centurion
Veteran real estate investment banker Richard Cotton is to leave his role as managing director of Forum Partners to become chairman of Centurion Properties. His role will include diversifying the company beyond industrial.
Pair take over Songbird
Qatar Investment Authority’s and Brookfield’s bid to take over Songbird Estates was declared unconditional this week. The pair will jointly own the group in a new vehicle. Songbird owns 69.3% of Canary Wharf Group, of which Brookfield already owned 22.1%.
