Prince Charles To Introduce £1B RE Fund

Date: Thursday, July 3, 2008
Author: Alternative Investment News

Prince Charles is prepping the launch of a £1 billion real estate fund that will invest in sustainable projects, The Telegraph reports. The Prince hired Credit Suisse, which has already begun fundraising money with Middle Eastern investors. The firm also has a team of property executives set to manage the fund, Tellesma.

Ian Henderson, former ceo of Land Securities, was appointed chairman and Mark Collins, former Land Securities’ chief operating officer, will be ceo. Their team will include former Bovis executive John Anderson, and a former Pricewaterhouse Coopers executive Paul Harries.

The Prince's Charities, a group of 19 charities backed by the Prince of Wales, will own one-third of the fund, and the remaining two-thirds will be owned by the investors. Though the Prince will not have a formal role within the fund, his charity, the Foundation for the Built Environment, will serve as a consultant.

The fund launch follows the Prince’s development of Poundbury, a 400-acre sustainable village in Dorset, England. The Prince has long been arguing that work, residential and recreational space should be combined or at least closer together, a move that would reduce individuals’ commutes and thereby cut energy consumption.

Some estimate that during the first six months of 2008, the price of the development land the fund targeted has dropped 25% while others are thought to be moving at up to a 50% discount to recent valuations