Paul Whight returns to UK retail parks

Paul Whight, a British property entrepreneur, is making a comeback to the UK retail park sector with a new fund. The Cadena Retail Estate Fund is aiming to raise £150 million.

Cadena, the UK property investment management company founded by Paul Whight, is launching a £150 million (€177 million; $244 million) retail park fund.

Whight – who also founded European retail fund manager Pradera – is the chairman.

The vehicle will seek to invest in assets up to £35 million each, said Cadena in a statement.

Whight is regarded as a pioneer in out-of-town retail parks in the UK having developed his first property in the 1990s.

The fund director is Neil Varnham, who recently left Henderson Global Investors in London. The property director is Richard Gore.

Gearing will be kept to below 60 percent on average, and the risk profile of the fund will be “low”, added the firm.