Straits Trading unit commits up to £60m in UK retail park-focused fund
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THE Straits Trading Company's S20 real estate investment arm Straits Real Estate has agreed to subscribe into Savills IM UK Value Boxes Fund FCP-RAIF, a closed-ended common fund managed by an entity of Savills Investment Management (Savills IM).
The fund is a reserved alternative investment fund established in Luxembourg. It focuses on acquiring convenience-led discount retail park assets in the UK. Savills IM has been appointed its investment adviser.
Straits Real Estate's subsidiary SRE Venture 18 will commit up to £60 million (S$110 million) as one of the investors in the fund.
In its regulatory filing, Straits Trading highlighted the Savills IM management team's established track record of investing in, and asset managing, retail park assets across the UK.
The group said its fund subscription is in line with its strategy of redeploying capital from its existing property portfolio of high-quality but low-yielding investment properties into potentially higher-return real estate opportunities via Straits Real Estate.
The company deems the transaction immaterial to its issued share capital, as well as the group's earnings per share and net tangible assets per share for the current financial year ending Dec 31, 2021.
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