14th April 2016
Langham Hall is delighted to announce its appointment by Palmer Capital to provide services to a UK commercial real estate fund.
The trustee mandate for The Palmer Capital Income Unit Trust represents a new client relationship for Langham Hall, building upon a range of leading UK, European and US-based private equity real estate firms as well as companies operating within the private equity, debt and infrastructure asset realm.
Founded in 1992, Palmer Capital is a well-known management-owned real estate firm whose investment management business includes funds, joint ventures and segregated accounts focused on the UK, Europe and Asia.
The London-headquartered company raised its first UK commercial property fund in 2004 and has since raised five more focused on value add and opportunistic investments in commercial property markets.
The £80 million Palmer Capital Income Unit Trust was originally established in 2009 as the Palmer GVA Unit Trust and recently hit the headlines in Property Week magazine. The fund has raised £15m of fresh equity and has a target size of £150m, with CBRE Global Investment Partners being the largest investor with a majority stake. The fund has been switched from having a closed-ended to an open-ended structure.
Alex Price, Chief Executive Officer, told Property Week: “With relatively low yields from most asset classes, we believe it makes sense for our clients to buy long-dated income to deliver their core income return.”
He explained Palmer Capital had considered listing the fund as a REIT but opted to convert it to an unlisted open-ended vehicle rather than risk the volatility from which listed real estate stocks can suffer.
Rachael Lyon, Head of Client Services at Langham Hall, said: “To be working with Palmer Capital for the first time is another great development for our growing business and underlines our status as the pre-eminent supplier of real estate services to funds, joint ventures and special purpose vehicles in the UK. We look forward to a long relationship.”