Threadneedle Investments is planning to launch a global bricks and mortar property Oeic in 2008. David Gasparro, Threadneedle’s head of distribution, announced the firm’s intentions during a presentation to investors last week.
The launch will provide direct competition for New Star’s International Property fund, launched earlier this year.
While plans are at an early stage, Threadneedle confirmed that the portfolio will be aimed at the British retail market. The fund, which will also have an institutional share class, will use the firm’s existing property team.
Threadneedle would not confirm the name of the lead manager, but Don Jordison, its director of property investments, is likely to have a role in the running of the fund. Jordison runs the firm’s European Property Sicav and co-manages the onshore UK Property Trust.
The UK Property Trust, which is also run by Chris Morrogh, was launched at the start of 2007.
The fund targets a net yield of 4.1% and aims for both income and capital appreciation through investment in direct property and property-related securities.
European Property, also unveiled this year, has a fund of funds structure.
The portfolio invests in a mix of core property and specialist funds. Threadneedle has managed property in its unit-linked funds for more than 30 years.