Phillips & Drew will be launching a property fund later this summer.
Head of property Cliff Hawkins said: “It will be an open-ended, unlimited-life fund. The background is that we launched a life company last April. The property fund complements the other funds for that vehicle and it offers an ability for defined contribution pension clients to get into property.”
The Phillips & Drew Life Property Fund hopes to kick off with about £30m and will invest principally in UK commercial property – including leisure.
“The approach will be very, very similar to what we’ve always done, except that with anopen-ended fund the assets that you buy have to be probably more liquid, because at any time you could be asked to redeem,” said Hawkins.
The fund will be the third property vehicle run by P&D.
