Sir Stuart Lipton and Elliott Bernerd’s Chelsfield Partners has joined up with Bank of Scotland Corporate for a €300m (£216m) French property fund.
The two UK companies have teamed up with Milestone Capital, a Paris based investment manager, to buy property in the Paris region and other key French cities.
The fund will target office, retail and industrial properties with asset management potential. Milestone will undertake the asset management, as well as providing equity. The company was founded by Paul Boursican, former European director and head of French capital markets at Jones Lang LaSalle.
New strategy
Chelsfield will also provide equity, as will Bank of Scotland, who will also be providing debt.
Neil Burnett, director at Bank of Scotland, said: ‘This represents Bank of Scotland's first European property JV with a local asset management partner, a significant new strategy for Bank of Scotland which we expect to roll-out across Europe.’
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