UK's first Paif delayed amid volatility

Property fund manager Clavis Walden has delayed launching a planned UK commercial property fund, pointing to investor uncertainty in the face of macroeconomic instability.

The Piccadilly fund, which will invest in direct property, Reits, and property shares, was originally slated for launch on 22 February. Iain Keys, founding partner, says a new launch date has not been set for the product, which the group claims is the first to use the tax efficient property authorised investment fund (Paif) structure. He adds the fund had received cash or commitments close to the £25m to £30m Clavis Walden targeted for the launch. Keys says: “There has been uncertainty among a number of investors about potential tax changes in the UK, the outcome of the UK election...