Teesland said today that it will continue with its plans to launch new property funds, despite ‘challenging investment conditions’.

The company, in which Australian fund manager valid bought a majority stake earlier this year said: ‘We are continuing with plans to launch further funds during the year, especially in Europe, although the impact of the lack of liquidity in international financial markets has yet to be fully quantified.

‘In addition, the company is looking at other opportunities to create income through its property services business.’

On target

The company also said it had seen strong occupier demand in the period 30 June, especially within its multi-let industrial funds where lettings and tenant retention rates are at historically high levels.

It said that it expected to hit its profit targets for the year.