LaSalle Investment Management is planning to snap up bargains with the launch of a £400m opportunity fund.
Paul Richards, LaSalle’s head of global managed accounts said the LaSalle UK Ventures Fund II was expected to close in the first quarter of next year.
It aims to provide its investors with a internal rate of return of 20%.
Richards said: ‘In the last two to three months, we’ve seen properties on the market where you think it’s good value.’
The fund manager hopes to raise debt for the fund at a loan to value ratio of 75%.
Property values have fallen by 24% since June 2007, according to Investment Property Databank figures. Richards said this should evoke forced sellers to provide assets that the fund could buy.
