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TwentyFour launches commercial mortgage-backed security fund
by Danielle Levy on Nov 04, 2009 at 16:59
TwentyFour Asset Management has joined forces with Rutley Capital Partners to launch a fund that seeks to capitalise on opportunities in the commercial mortgage-backed security (CMBS) market.
The Trafalgar CMBS fund is set to launch later this year and aims to achieve an annual yield of 10-12% by targeting senior debt secured on prime commercial real estate. Eoin Walsh of TwentyFour will head up the team alongside John Styles of Rutley Capital.
The fund will focus on UK and European debt which was initially rated AAA and AA and has a minimum investment of £5 million. Liquidity is quarterly after an initial three-year lock-in.
TwentyFour will be responsible for analysing the credit risk surrounding these securities, while Rutley Capital will assess the risks relating to the physical property attached to the security.
Rutley Capital is the investment management business of the Knight Frank Group, which specialises in structured investment vehicles and property investment management services.
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