New Star Property Unit Trust is venturing into emerging international property markets with the launch of its Global Property Fund.

The company, headed by Roger Dossett, has started the fund with an initial $190m (£101m) of equity, which has been leveraged to release $650m (£346m) of funds.

The seven-year fund, which has an minimum investment of £5m, is aimed at high net worth investors and institutions.

The open-ended fund will target direct properties with good tenants in Europe and Asia, however Dossett said that the US could be an option in years to come.

New Star has hired two acquisition managers to manage the company’s new remit. Robin Carr has been recruited as manager for Europe and Simon Tyrrell has been appointed as manger for Asia. Both have been recruited from CB Richard Ellis and will report to Dossett.

He said: ‘We think there is a strong demand for property on a global basis – particularly in investment in direct property rather than through a fund that covers equities or REITs – we now feel we have a fund that achieves that.