£75m raised for commercial property investment

London-based financier Tritax Securities has raised £75 million in funds for commercial property investment.

The company's Tritax Quorum EZ Unit Trust received backing from over 800 private investors in seven weeks, with each contributing an average of £92,000, propertymall.com reports.

Along with £100 million from a non-recourse bank loan, the money will be invested in the construction of eight office buildings at Quorum Business Park, a development four miles north of Newcastle city centre.

An estimated post-tax yield of seven per cent is being targeted by the trust, the news provider reports.

"The speed at which our latest EZ Unit Trust became fully subscribed not only highlights the excellent investment opportunity, but also demonstrates the upstanding appetite among private investors for quality long-term commercial property investment," said Mark Shaw, director of Tritax Securities.

Meanwhile, a recent report by real estate services company Colliers CRE revealed that demand for office space in Manchester increased by 20 per cent last year.

The need for office space in Manchester increased by a fifth in 2007 compared to 2006, the report found.

Martin Slowe Property Services are Commercial Property Consultants offering a full range of Commercial Property Services.