LCP plans second closure to target pre-election property jitters

London Central Portfolio will close its Recovery fund this week and is aiming to take advantage of pre-election jitters in the property market.

The fund will have its second closing on 16 April, with an expected £10m in equity and a further £10m in gearing after its first close on 31 December 2009. Since January, the fund has secured six properties in areas including Notting Hill, Marylebone and Mayfair and plans to acquire a further 20 addresses in the next 10 weeks. LCP chief executive Naomi Heaton says the fund will target average annual growth of 15% – which would double investor equity over the five-year term. The vehicle is geared at 1% over base and has a ticket price of £50,000. “The fund will close its doors to...