Scottish wealth manager Turcan Connell is set to launch a new real estate investment trust (REIT) for clients to manage persistently low interest rates on cash.
The REIT, which will be managed a third-party manager, will primarily target secondary property markets. It has been designed for clients who can lock up funds for at least five years, according to Investment Week.
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Subject to regulatory approval, the fund is expected to list by the end of November and will have a target launch size of £50m. It aims to pay an annual dividend of 5% per annum.
Haig Bathgate, CIO of Turcan Connell, said: "Creating a REIT would allow us to focus fully on the opportunity set we see, rather than being grouped with other investors in external REITs which have more general mandates.
"We are being very clear to the clients that the vehicle is a five-year plus life investment and, while we can offer daily liquidity, it is ultimately an illiquid investment," Bathgate added.
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