Grosvenor Estate Holdings has launched a new limited partnership fund which aims to control $500m of central London office property within the next three years.
The Metropolis Fund will be managed in partnership with Dutch fund PGGM, Danish fund, PFA, and UK insurer NFU Mutual.
Properties totalling £175m have already been assigned to the fund. They include Almack House on King Street and 49-51 Grosvenor Street, both in the West End; and 125 Wood Street and 111 Old Broad Street in the City.
Grosvenor plans to grow the fund with the addition of up to two new partners who could contribute assets in exchange for equity, along with raising extra cash from the founding members.
Grosvenor set up the Arkle Fund, a similar fund specialising in shopping centres, in 1998. Total funds under the group’s management now amount to $2.5bn worldwide with $1.2bn of that in the UK.
