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Impax buys out property business

Impax buys out property business

Impax Asset Management has bought out a sustainable property fund business from rival Climate Change Capital as it reported a £218 million net inflow over the three months to the end of June.

The uplift brings the company’s assets under management to £2.75 billion. The company did not disclose how much it had paid for the business.

CCC property managers Tim Mockett and Esme Low will join Impax as part of the deal to manage Climate Change Property fund, which is currently being wound up.

The announcement follows the sale of the third of four UK buildings held by the fund, which raised £69 million to investment in and retrofit property in 2008.

‘Sustainable property is an attractive, resilient, real asset class,’ said Impax chief executive Ian Simm. 

‘Increasingly strict building regulations are driving interest and demand for commercial property to be built or refurbished to higher environmental standards, and sustainable buildings typically attract premium rents.’

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