Palmer Capital Development Funds
PCDF I and PCDF II launched in 2004 with £170 million of equity raised for UK commercial property development projects. A further £175 million of equity was raised in 2014 in PCDF III and invested across 15 projects. The funds provide institutional investors with access to a diversified range of opportunistic projects in the UK, typically with an end value of £5 million to £20 million.
PCDFIV was launched on 31st March 2017 with a target fund raise of £225m equity for a 4 year vehicle with a 2 year investment window.
Palmer Real Estate Value LP
PREV was launched in 2013 and raised £50 million from investor and “side car” investors to focus on UK value add assets with a bias towards urban locations, working with corporate occupiers to meet real estate needs, and undertaking residential as part of a mixed use strategy. The fund is fully invested into projects at Finzels Reach, Bristol, and Colworth Park, Bedford.
Palmer Capital Income LP
The Palmer Capital Income LP (Fund) is an open-ended real estate vehicle initially launched in 2009 as a close-ended vehicle and formerly known as The Palmer GVA LP.
The Fund became open to new investors in February 2016 with quarterly subscriptions and redemptions. The current portfolio comprises 24 assets with circa £179m (as at 31st December 2017).
The investment objective is to provide Fund Investors with an attractive level of income (targeted at 5% per annum) together with the potential for capital growth from investing in a diversified portfolio of primarily commercial real estate properties throughout the UK.
The Residential Land Partnership
The Residential Land Partnership is a joint collaboration between Palmer Capital and Schroders. The vehicle first closed in October 2017 with initial commitments of £30m. The fund is targeted to raise £125m and is open for investment. The vehicle is focused on acquiring primarily brownfield land across the major UK cities close to infrastructure where a change of use to residential can be readily obtained for an onward sale to a house-builder/third-party. The fund is targeted to deliver a 12-15% IRR and 1.5x EqM.