First Property joins forces with Oxbridge colleges

First Property Group, the property fund manager and investor, has established a new fund with three Oxbridge colleges.

The Fprop UK Special Opportunities fund will invest in commercial property in the United Kingdom. Christ Church, Oxford, St Catherine’s College, Oxford, and Robinson College, Cambridge are backing the fund with £14.5m. In addition First Property has made a commitment of £725,000.

Investments by the fund will be leveraged to a maximum loan amount of 50%, giving it total buying power of just over £30m.

Commenting on the new fund, Ben Habib, chief executive, said: “The fund aims to invest in higher yielding commercial property investments with development angles or other ways in which to enhance value. The economy of the UK is robust and we anticipate that this strategy will yield healthy returns for its investors. The establishment of this fund, so shortly after our recent announcement on SIPS, illustrates the momentum building within our fund management division

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