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Saturday, January 23, 2010

Commercial property fund launched by Savills

Cordea Savills, the funds arm of property services firm Savills said on Friday it has launched the UK Income and Growth Fund to acquire prime assets in Britain's recovering commercial property market.

The open-ended fund had its first close at end-Dec 2009, raising 70 million pounds from three investors including Aviva Investors , a global multi-manager and a European pension fund, it said in a statement.

The fund is targeting to raise a total of 1 billion pounds over the next few years, and plans to deliver distributions to investors of over 5 percent, fund director George Tindley said.

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