International legal practice Osborne Clarke has advised Barwood Capital, the Northampton-based UK regional investment and development specialist, on the first institutional close of its latest Regional Property Growth Fund, which is targeting equity investment of £100 million, with a hard cap at £150 million.
Barwood Capital’s fifth property fund launched in spring 2019 and is a five-year closed ended fund that will invest in UK regional property outside London, driven by significant ongoing changes in technology, infrastructure and demographics. With a target investor IRR of 13-15% per annum, investors are also able to take advantage of opportunities for significant co-investment. The Fund will focus on industrial, alternatives, selective offices and real estate opportunities benefitting from improved infrastructure investment.
Investors include high net worth individuals, family offices and Merseyside Pension Fund, which also invested in the Barwood Property 2017 Fund. A number of other investors are currently going through due diligence and further closes are expected in Q4 2019 and Q1 2020.
The Osborne Clarke team was led by Tim Simmonds, who was assisted by Nick Dashfield and Oliver Darvill with tax advice from David Nisbet and Elizabeth Shanahan and regulatory advice from Michael Lewis.