Hermes Real Estate, Hampshire Real Estate and United Overseas Bank (UOB) will unveil a closed-end fund commercial real estate fund, Financial Times reports. The fund is expected to raise about $400 million, including debt.
UOB and Hampshire will each invest $25 million in the fund, while Hermes will invest $150 million on behalf of the British Telecom Pension Scheme, which it manages. The vehicle will seek to target properties outside major city business districts especially eastern U.S.
Click here for the story from Financial Times.
Click here for the additional coverage from Reuters.