Pillar Property PLC is expected to announce it has signed an agreement with Morley Fund Management under which Morley´s clients, the Norwich Union Life Funds, will invest 100 mln eur of equity into Pillar’s European Retail Park Fund (PREF), according to a company source.
Under the terms of the agreement a proportion of the 100 mln eur will be drawn down immediately for investments which PREF has already purchased.
The remainder of the funds will be drawn down over time to finance a pipeline of properties which are currently either conditionally contracted or in solicitors’ hands, as well as further acquisition opportunities in the future.
The Norwich Union Life Funds’ investment will initially represent approximately 14 pct of the units in the fund, but ultimately this is expected to increase to approximately 40 pct when fully invested, said Pillar.
Morley will play an active role assisting Pillar in the strategic management and ongoing marketing of PREF, said Pillar in a statement.
Source: Freeman News