Pooled funds return 5.9%
UK pooled property funds returned 5.9% for the first quarter of the year, 20 basis points higher than the 5.7% returned in underlying direct property markets, according to the latest IPD UK Pooled Property Fund Indices. The performance lifts the 12-month total returns for UK unlisted funds to 12.6%, compared with -36.4% recorded for the same period last year. The annualised three-year return is -14.7%.
Wulstan debut fund buy
Wulstan Capital has completed its first purchase after raising £25m for its debut UK opportunity fund. The company, headed by former BNP Paribas RE investment agent Rupert Jones, bought a £2m office asset in Ashby de la Zouch, Leicestershire, at a 7.1% yield.
Property set for 10% rise
UK commercial property should post a 10% rise in IPD capital values this year, according to Capital Economics. The research said it expected that, unlike the experience of 1993-94, when the mini-boom of that period gave way to renewed falls in capital value, current gains will be sustained into 2011.
UK insolvencies on rise
The rate of insolvencies in the UK rose last month, according to the latest insolvency index from Experian. The rate climbed from 0.096% in February to 0.114% in March, said the information services company. The average financial strength score also saw a slight deterioration from 81.18 in February to 80.99 in March, with the biggest fall occurring among the smallest businesses.
Chandos to leave C&R
Tom Chandos is stepping down as chairman of co-investing property asset manager Capital & Regional, and will leave the firm on 28 June. C&R non-executive director Alan Coppin is also stepping down and will leave in September.
