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LONDON-Osprey, the a high-yielding, geared fund set up by Teesland subsidiary Equity partnerships has raised £111m ($172 million), taking the total fund to £123 million ($190 million). The fund invests in smaller commercial properties in lot sizes between £1 milion ($1.5 million) and £6 million ($9 million).

Three new investors: Clerical Medical Investment Group; BriTel Pension Fund and a pension fund client of Henderson Global Investors have provided further equity and Bank of Scotland will provide £86 million ($133 million) of debt. As part of the deal, Osprey has acquired a £16.4 million ($25 million) portfolio from Henderson and a smaller portfolio from Clerical Medical.

Teesland MD Paul Oliver said: “Osprey is a most attractive opportunity for investors at this time, providing returns in excess of 20% so far, which will no doubt help attract further investor interest.” He said the target value for the fund was £300 million ($465 million).

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