Rugby Estates is to launch a REIT aimed at wealthy individuals and companies. Daily Telegraph. The Times

The REIT will invest in a cross-section of assets whose owners want to reduce tax liabilities or 'exit' their property portfolio.

Chairman David Tye has been talking to several potential investors and hopes to launch the fund in the next few weeks.

Rugby is also looking for further acquisitions, after raising £27.6m in a share placing in January.

Rugby's pretax profits for the year to January 2007 were £10.3m, up 79% from £5.8m in 2006. The value its portfolio rose by 22% to £78m, up from £64m in 2006.