London-based property services company Strawberry Star has been advised by law firm Howard Kennedy on the establishment of its first property investment fund. The fund intends to explore investment opportunities in London.
The fund – Strawberry Star UK Property Fund LP Inc. - was closed after securing £25m (€32.9m), with a separately secured commitment from co-investors for another £50m (€65.9m). The Fund was marketed exclusively in the Middle East, Far East and USA.
Strawberry Star specialises in the acquisition, development, sales, letting and management of high-valued property in London. Over the last five years, the firm has facilitated over £500m (€658.7m) in aggregate property investments. Its projects include Hoola London Royal Docks E16, Sky Gardens Nine Elms SW8, Riverlight Nine Elms SW8 and Chelsea Bridge Wharf Battersea SW8.
The Howard Kennedy team was led by financial services partner Daniel Tunkel and assisted by associate David Gilinsky. Howard Kennedy instructed counsel in eight separate jurisdictions for advice on marketing the Fund locally, and worked alongside Robert Varley of Babbé Advocates in Guernsey where the Fund is established.
Howard Kennedy’s Daniel Tunkel said: “We are noticing that a number of property development companies are looking to raise funds for the first time. Though it is an obvious choice, a transition from the self-financed model is not easy. I commend the team at Strawberry Star for its efforts and enthusiasm and for the company’s belief in Howard Kennedy to deliver a practical structure that now lets them continue to build their excellent residential real estate development business.”
Santhosh Gowda, Chairman, Strawberry Star Group, said: “The interest among investors in the London property market is growing significantly. We are satisfied with the response, and we thank Daniel and David at Howard Kennedy for their guidance and support. Our co-investors will bring in another £50m (€65.9m). We have entered an interesting phase with this new fund, which will enable us to respond quickly to opportunities in the London market. Strawberry Star has picked some of the best property investments in London and we will continue to strengthen our portfolio.”
