Wealth Manager - the site for professional investment managers

Register to get unlimited access to all of Citywire’s Fund Manager database. Registration is free and only takes a minute.

Ex-Swip property boss Naish resurfaces at care home trust

Ex-Swip property boss Naish resurfaces at care home trust

Malcolm Naish, the former director of real estate at Scottish Widows Investment Partnership (Swip), has been recruited to the board of a new closed-end property fund.

Wealth Manager understands that Naish, who retired from Swip last year, will become a non-executive director of the Target Healthcare Reit, an investment trust specialising in the care homes market.

Managers Target Advisers - who currently run the Kames Target Healthcare Property Unit Trust - are expected to bring the fund to market on 7 March.

They are understood to have secured £45 million in cornerstone investments, promised by wealth managers and institutional buyers.

While income has remained in demand among investors, within the closed-end specialist property sector it is difficult to find funds offering fully covered dividends. Target, however, is expected to break this trend and will offer a 6% fully covered dividend.

It will also offer exposure to an asset class where leases span two to three decades and rental increases are linked to the retail price index (RPI).

Neither Target or Winterflood Securities, the trust's broker, commented on the launch, though sources familiar with it expect the vehicle to be fully invested with a few months of its float.

The portfolio will comprise of care homes based in the UK, though the trust will not have a regional bias.

Leave a comment!

Please sign in or register to comment. It is free to register and only takes a minute or two.
Citywire TV
Play Where A-rated Pattullo is finding the best bond opportunities

Where A-rated Pattullo is finding the best bond opportunities

Henderson Global Investors head of retail fixed income explains how he is managing his fund against the surprise current monetary policy divergence.

1 Comment Play Taxicab Tenner: Allianz Global Investors' AA-rated Simon Gergel

Taxicab Tenner: Allianz Global Investors' AA-rated Simon Gergel

Our much anticpated new series is here! We hand a black cab driver a tenner and grill the manager of the 125-year Merchants trust until the meter runs out.    

Play Europe bulls, a retail boost and why a little inequality can be a good thing

Europe bulls, a retail boost and why a little inequality can be a good thing

This week’s Investment Pulse looks at whether investors should be bullish on Europe, the surprise rise in UK retail sales and if a little inequality is a good thing.

Your Business: Cover Star Club

Profile: meet the duo at the heart of Hargreave Hale's succession plan

Profile: meet the duo at the heart of Hargreave Hale's succession plan

For the first time in the company's history a non-Hargreave is now at the head of the north west broker and asset manager

Wealth Manager on Twitter