Re-launched Palmer Capital Income Fund on investment trail
Forsters has advised the recently re-launched Palmer Capital Income Fund on the acquisition of a standing office investment in Milton Keynes and the development funding of a new retail park in Leeds.
Forsters advised the fund, previously known as the Palmer GVA Limited Partnership, in relation to and since their debut deal in 2009. The fund has now converted to an open-ended vehicle and has raised £15 million of new equity for investment, with further capital raises anticipated to grow the size of the fund from £85 million to approximately £150 million over the next year. The fund's strategy is to invest in small prime properties in order to offer pension funds and wealthy individuals good income returns and some long-term capital growth.
Led by Senior Partner, Smita Edwards, Forsters has advised on the forward funding of an Opus Land North development of a new retail park on Armley Road in west Leeds, which is pre-let to Lidl, B&M Retail and Farmfoods. Commercial Real Estate partner Helen Streeton also advised on the transaction, assisted by Elizabeth Chapple. Alistair Robertson provided construction advice.
Forsters has also acted on behalf of the fund in relation to the acquisition of Seebeck House in Milton Keynes for £10.3 million, acquired with the benefit of a recently completed 15 year lease to law firm EMW Law LLP, at an annual rent in excess of £693,000. Smita was assisted by Hannah Kramer and Michael Preston on the acquisition. Richard Spring advised on the construction documentation.