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Prince of Wales' sustainable fund sees Kuwaiti investor pull out

The Tellesma Sustainable Real Estate Opportunity vehicle is still on the fundraising trail despite a Middle Eastern investor reportedly pulling out.

A Kuwaiti investor has reportedly pulled out of the Prince of Wales' Tellesma Sustainable Real Estate Opportunity fund.

The Daily Telegraph quoted a spokesman saying that UK-foucsed Tellesma is “still fund-raising” in a marekt that “still provides opportunities”. 

The Prince of Wales planned to raise the £1 billion (€1.1 billion; $1.4 billion) vehicle as a sustainable development fund in order to invest in environmentally-friendly projects similar to Poundbury in the south west English county of Dorset.

A spokesman for the fund, said: “Tellesma is still fundraising in what is widely regarded as a challenging market, but one which still provides opportunities. However, we cannot comment on specific approaches from prospective investors.”

RJ Fleming Developments is thought to have provided a cornerstone investment to Tellesma.