Mountgrange Investment Management, a UK property fund and asset manager, has closed its first fund, the Mountgrange Real Estate Opportunity Fund, with a total of GBP300m of committed eq
Mountgrange Investment Management, a UK property fund and asset manager, has closed its first fund, the Mountgrange Real Estate Opportunity Fund, with a total of GBP300m of committed equity.
With debt, the fund will have GBP850m of acquisition capacity.
The fund has attracted over 30 investors from around the world including the US, Canada, the UK, Continental Europe, the Middle East and Australia, with capital coming from endowment and pension funds, sovereign wealth funds, fund of funds, high net worth individuals and family offices.
The Fund is focused on the UK and Mountgrange expects it to take advantage of current depressed valuations in order to make opportunistic investments across a number of market segments. These include identification of and investment in under-performing assets or portfolios and acquisitions; strategic land opportunities, where Mountgrange can add value either through the planning process or via build-out; through to the creation of new platform businesses. Mountgrange is also attracted to collaboration in joint ventures.
Manish Chande, a senior partner of Mountgrange Investment Management (pictured), says: ‘We have been hugely encouraged by the investor interest we have attracted for the fund. Despite the extremely challenging conditions, which markets around the world have recently experienced, the fund’s investors have demonstrated support for the management team which MIM has assembled and in the opportunistic approach we have developed. We believe there are opportunities in the UK which can provide substantial returns for our investors. Our task now is to bring these identified opportunities to fruition and maximise their underlying potential.’
