London-based fund manager F&C Reit is hoping to raise £300 million (€334 million; $453 million) for a UK opportunity fund.
The firm, which is a result of a merger between F&C and Reit Asset Management, said in a statement that the Devonshire UK Opportunities Fund would target assets becoming available in distressed situations. It will be the first fund launched by the firm since the merger.
It is aiming to achieve a return of 20 percent for its investors.
Leo Noé, chairman of F&C Reit, who will lead the fund, said although the firm was established only one year ago it had already completed the largest property deal of 2009 when In March it teamed up with New York-based AREA Property Partners to purchase a property portfolio from the collapsed property empire of fund manager Dawnay Day.
F&C Reit purchased the 211-property strong portfolio after winning an auction hosted by Dawnay Day’s receiver BDO Stoy Hayward. F&C Reit said the portfolio is now valued at £800 million (€897 million; $1.1 billion).
If you do not receive this within five minutes, please try to sign in again. If the problem persists, please email: 
