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New Star launches innovative international fund

New Star is launching a new international property fund and says it is the first of its kind in the UK.

The open-ended international direct commercial property fund opened to retail investors in May.

New Star has selected properties spread across nine cities, six countries and three continents. By doing so it aims to offer broad geographical diversification from the outset. It is being sold not just in the UK but also to European and Asian investors, both retail and private bank.

The New Star International Property fund is unleveraged and will invest in properties in Germany, the Netherlands, Australia, Japan and Switzerland.

Some 40% of the fund will be aimed at Asia, where the Japanese market in particular is attracting a lot of attention. Hong Kong, Singapore, South Korea and Australia will also be on the radar, with the fund managers looking for attractive rental growth potential not yet reflected in the price. It will aim to balance investments in newer, developing markets with exposure to more established ones.

The firm is selling the fund as a companion to its UK-focused New Star Property Unit Trust, which has been very successful, raising £2 billion in assets.

The investment return target is for a 4% estimated gross income yield, based on a model portfolio. This is not guaranteed.

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