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Mayfair Capital launches £400M UK real estate fund

Mayfair Capital Investment Management launched a closed-ended U.K. real estate fund with an up to £400 million investment capacity.

The MC Thematic Growth Fund will run from five to seven years, aiming for a return of 8-10% per year using up to 35% leverage. Once the fund is fully invested, the stabilized income yield is targeted to be 5% yearly, according to a release.

Swiss Life Group committed £80 million to the fund, while from the Merseyside Pension Fund contributed an undisclosed amount. A further £150 million of equity will be raised for the fund at another close to boost its total size to £400 million with leverage.

The investment vehicle, which has approximately £100 million of equity committed, has already signed deals for the purchase of two multi-let offices in Birmingham and Newcastle, U.K., for a sum of £40 million.