Feb 11
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Citi raises $530 mln for UK commercial property fund
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Fund offered to rich investors in EMEA, Asia; Seeking investments in UK commercial real estate
Published by Reuters
on Thursday, 10 February 2011 by Chris Vellacott
on Thursday, 10 February 2011 by Chris Vellacott
LONDON, Feb 10 (Reuters) – Citigroup (C.N) has raised 330 million pounds ($530.9 million) via its private bank for a fund managed by Threadneedle that will invest in British commercial real estate, two sources close to the transaction said.
The capital raising took about three months and the offer was marketed to tycoons and rich families in Europe the Middle East and Africa as well as Asia, the sources said.
Citigroup declined to comment.
London’s commercial property market has seen a surge in international investors’ interest in the past two years, helped by the weak pound and tightened supply that caused the value of central London offices in particular to leap 21 percent in 2010. [ID:nLDE7091Y0]
