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Seven Dials reopens property Fof with second tranche

The Seven Dials European property fund of funds has reopened following an initial launch period which raised euro 17m.

The fund was launched in December with a first closing date of January 26.

A second tranche is now being offered, enabling Seven Dials to diversify the portfolio through further holdings.

The company says that although the fund is open-ended, it needed an initial launch period to seed the portfolio. Due to the fund-of-funds structure, Seven Dials needed to raise a big pool of money to get the fund up and running, as many of the underlying funds have high, minimum investments. Now the seeding stage is complete, the fund will be raising new money on a quarterly basis.

The fund will invest entirely in institutional property funds and aims to provide income and growth, targeting total returns of 10 per cent a year. Although the main focus is mainstream Continental Europe, the fund has the discretion to invest in funds that hold UK property but it will not invest in Eastern Europe.

Seven Dials director Simon Critchlow says: “The fund launch is going well. A lot of advisers are realising specialist property research is something they cannot or do not want to do. We are a firm that can do the research, find the managers and do the due diligence. The fund is also exposed to lots of different markets, properties and tenants. Advisers like the fact that it is so well diversified.”

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