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LONDON-The UK-based Highcross Group Highcrosss has reached the first closing of the Highcross Fund, its new opportunistic investmetn vehicle. It has already raised £75 million ($125 million) and expects to reach £125 million ($210 million) by early 2004.

The majority of the fund’s initial investors are based in the USA, including many leading endowment funds and institutions. The fund is now looking to invest in property throughout the UK, with opportunities to add value, typically over a three- to five-year time frame.

Highcross managing director Peter Gubb says: “Over the last decade Highcross has become known for maximising investment returns through incisive purchases and careful portfolio management. We also pride ourselves in being able to respond rapidly to opportunities and also to perform within strict time tables, giving vendors certainty. This blind pool fund has discretion to act quickly in the core areas of industrial and office property, facilitating larger portfolio transactions, if required.”

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