Evans Randall Announces £1Billion Property Fund

Property investment bank Evans Randall is to launch a £1billion fund to invest in property opportunities in the UK. The firm has previously invested in assets such as 30 St Mary Axe, otherwise known as the Gherkin, the Financial Services Authority building in Canary Wharf and last summer it bought the Bank of America headquarters from Royal Bank of Scotland for £450million.

Michael Evans, chief executive of Evans Randall, said: "We will target high-quality buildings, where the owners seek to liquidate their assets, before yields shift back to the levels that we have become used to...This window of opportunity won't be open for long."

The fund will have £200m of equity with the remainder being financed through debt from the Bank of Scotland. It has already bought one asset, Condor House near St Paul's Cathedral, for £115m.