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Prince Charles to launch £1bn sustainable buildings fund

The heir to the British throne has appointed Credit Suisse to raise capital from Middle East investors for his new property fund, Tellesma. The fund follows on from Prince Charles' 400-acre sustainable development project, Poundbury.

Prince Charles is hoping to raise £1 billion ($2 billion; €1.2 billion) for a sustainable building project fund in the UK.

Tellesma, as the fund will be known, will be run by chairman Ian Henderson and a host of other heavyweight names from the UK real estate sector, according to a report in the Sunday Telegraph.

Credit Suisse has begun fundraising for the vehicle by seeking capital commitments from Middle Eastern investors, the report said.

Henderson, former chief executive of property company Land Securities, will be joined by Land Securities former chief operating officer, Mark Collins, in overseeing the fund.

A third of the fund will be owned by The Prince's Charities, a group of 19 charities backed by the Prince of Wales. The rest will be made up of third party investors.

Prince Charles has championed sustainable building in the UK. He is the driving force behind Poundbury, a 400-acre village in Dorset.