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Fund firm aims for gold with property fund

Fund manager Pinder Fry & Benjamin is launching a commercial property investment vehicle aiming to return 9 per cent a year over a term of seven or eight years.

The £185m Gold – geared opportunity limited downside – property partnership will acq-uire an office building in London&#39s Victoria that is partially let to the Government until 2021.

PFB says the rent due from the Government, which amounts to around 98 per cent of the building&#39s total rental income, is not linked to open market rents and therefore should not suffer from concerns about softening rents in the West End over the next 18 months. The rent payable is fixed until 2008.

PFB is seeking £28m from investors, with the balance coming from a loan. Minimum investment is £40,000.

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