A closed-ended limited partnership established with an independent investment group to invest in UK commercial property. The fund’s strategy was to invest in UK commercial property, principally outside of London and the South East. It invested in 2002-03, and as a result of the strong market we advised the fund to sell many of its properties in 2005. The fund acquired properties at a cost of £110 million which were disposed of for £148 million generating a gain for investors of 130% of their original capital and an IRR in excess of 39%.
