Property professionals launch investment fund
A NEW property investment fund has been set up by two professionals.
Julian D’Arcy, former chairman of the northern region of property agent Knight Frank, and former Yorkshire Bank structured property finance partner Michael Hardman, have established The Longcross Property Investment Fund.
The pair aim to raise £25m over the next 12 months which will be used to invest in property. Assets bought by the fund will be managed by Ripley Asset Management, which has also been launched by Mr D’Arcy and Mr Hardman.
The fund has already raised more than £9m through a network of hundreds of high net worth individuals.
The fund aims to have a total size of £55m, boosted by senior debt.
Both professionals will look to take advantage of favourable commercial property pricing following the downturn.
