Fund launch delayed by volatility
Following another week of volatility on the world’s financial markets, property fund manager Clavis Walden has decided to postpone indefinitely the launch of a commercial property fund, citing investor uncertainty as the reason for the delay.
Investment Week says the so-called Piccadilly Fund, which was to have invested in direct property, Reits and property shares, was originally set for launch in Februrary, but Clavis Walden has now said that a new date has not been set.
The group says the fund would have been the first to use the new, tax-efficient PAIF (Property Authorised Investment Fund) structure, and had received cash or commitments close to the £25m-£30m that it had been targeting prior to launch. But the uncertain macroeconomic conditions mean it has decided to wait.
