Gravis Advisory has launched a specialist UK REIT fund that aims to remove the risk of gating.
The VT Gravis UK Listed Property fund (GULP) is the firm's third OEIC and will be managed by Matthew Norris, who recently joined Gravis as head of real estate securities.
Gravis, a subsidiary of Gravis Capital Management, said the new fund will provide access to UK-listed property securities that target long-term, dependable cashflows.
Investments in the fund will be focused on UK REITs, but will also include property-related closed-ended investment companies, corporate bonds and equities in the portfolio. As well as minimal exposure to the UK retail sector, the fund will not hold any direct property investments.
Norris told Investment Week there were big challenges facing the retail real estate sector, citing the figure that 20% of retail sales are now transacted online.
The fund will offer daily dealing and aims to avoid a repeat of the situation that occurred in 2016 when several property funds were temporarily closed after the referendum, by investing in REITs.
Speaking to Investment Week, William MacLeod, managing director of Gravis Advisory, said investors should be entitled to their money without having to wait.
He said: "If you go on the basis we, the fund manager will determine everything, like when you can have your money back, I think that's appalling and nobody is happy, the investor isn't happy and it's desperately stressful.
"It's not what investment is really about. It's about people being able to deploy their capital safely, securely and then ask for it back when they're ready."
MacLeod added: "We are excited about this new fund that we believe will offer investors peace of mind when investing in this vital asset class. GULP will provide exposure to the strongest trends in the real estate market that have already arguably changed the investment landscape forever."
Norris said he had identified some megatrends taking place in the retail space, including ageing population, digitisation, urbanisation and generation rent.
"In addition to offering the steady, dependable returns and low volatility Gravis funds are renowned for, investors will also be able to access the fund through offshore bonds, which are currently reviewing and in some cases suspending their holdings in open-ended property funds," MacLeod said.
The fund is targeting an annual yield of 4% and will have an annual management charge of 0.7% taken from capital and capped.
It will launch with an offer period which will run from 1 to 31 October.