Cheyne Capital Joins Forces with Investors for British Property Fund Launch
The $6 billion London-based hedge fund firm Cheyne Capital, is pleased to announce that has merged with investors for the launch a fund that will invest in British property for disadvantaged groups.
The
Cheyne Social Property Impact Fund, seeded by investors including Big
Society Capital, has a capacity to take in 300 million pounds ($473.04
million) and will seek to eke out stable and inflation-linked gains by
leasing out the properties.
A
cut in government grants to the sector is allowing private investors
such as hedge funds to fill the gap, as demand for social housing rises.
The
number of households on local authority housing waiting lists in
Britain swelled by nearly 55 percent to 1.7 million in the decade to
2013, according to government data.
"This
fund combines the merits of providing a social good and a financial
return," Stuart Fiertz, president of Cheyne Capital, said in an emailed
statement.
The
fund boosts Cheyne Capital's 1.6 billion pounds of assets in its real
estate funds. Shamez Alibhai, a former Credit Suisse executive who
joined Cheyne in 2006 and co-ran its real estate debt business, will
manage the fund.
Source: Reuters
