CMIG transferred the properties in exchange for partnership units in the Osprey fund, which is managed by Equity Partnerships Fund Management, part of the Teesland Group. The deal increases the fund's available equity to £35 million ($58 million).
Equity Partnerships' Fund Manger Rob Corlett said: "We have acquired four portfolios in 2002 and continue to actively seek higher yielding properties with lot sizes in excess of £1 million ($1.65 million) with the intention of increasing funds under management from the current level of £86 million ($142 million) to over £120 million ($200 million) by spring 2003. Once this target has been achieved further equity will be sought to increase the Fund size to a minimum of £200 million ($330 million)."
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