New Investment Fund to Be Created in UK
Written on 12 Oct, 2011 at 06:12 by Ulyana Chernyak
Yesterday, UK construction company Bouygues Development Lt and the largest residential landlord, Grainger plc, announced the creation of a unique investment fund.
The Build-to-Let fund will give a chance to property investors to enter the rented sector easily.
The companies plan to construct at least 1,000 properties by the fourth quarter of 2013. Bouygues Development will manage the construction and investment process, while Grainger will take charge of the lettings and property management.
The fund is being created for 8 years, with an option of extending. The amount of money that Bouygues Development and Grainger plan to raise from investors is 150 million pounds.
Commenting on the launch of the fund, Nick Jopling of Grainger, said that it "represents a significant milestone in the evolution of the UK residential property sector and today’s announcement is a major step toward creating a large scale, attractive and accessible private rented sector in the UK, for both investors and tenants alike."
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