Monaco-based property entrepreneur Mark Harrison’s investment firm Praxis has launched its new £250m value-add fund following its first closing in August.
The firm, which focuses on UK regional real estate, has secured subscriptions from a number of US and European institutions to the fund. It expects to deploy the money it has raised over the next 12 to 18 months, with its first purchase likely to be in the retail sector despite the current downturn.
Praxis managing director Gary Roberts said: “Our aim is to deliver opportunistic-type returns without migrating too far up the risk curve.
“We’re focused on trends that will play out over the medium term, hence our recent return to the retail sector. This may appear contrarian, but we think it is essentially oversold.
“Our thesis is that not all retail is bad, but it is certainly being priced that way at present, and we think that represents an opportunity. We acquired a couple of shopping centres last year and the funds’ first acquisition will also be in this sector.”
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