L1 eyes $70m for UK property fund

L1 Capital's latest UK residential property fund is expecting to raise between $60 million and $70 million as financial planning groups and rich investors hunt opportunities for attractive yields.

The fund is targeting a distribution yield of 6-7%.

It will invest in residential blocks of flats outside of London where it believes the yields are growing largely uninterrupted by Brexit.

The raise is slated for a June 30 close.

The investors are expected to be financial planning groups, high net worth individuals and family offices.

This is the third fund to be raised from the joint venture. L1 Capital raised $65 million for the first fund in 2017 and $45 million for the second one last year.

It has committed to one asset and is waiting on the due diligence for an asset for its second fund.

The boutique has also hired Aoris Investment Management's former head of distribution Alexander Ordon as a consultant.

Ordon joined equities boutique Aoris last year from J.P. Morgan where he was a regional sales manager for New South Wales, Queensland and the ACT.

Read more: ACTL1 CapitalUKAlexander OrdonAoris Investment ManagementBrexitJ.P. MorganLondonNew South WalesQueensland
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