The debut US operation will be led by veteran US fund manager Daniel Cooper, who previously managed HSBC’s $1.8b shariah-compliant Amanah Global Properties Income Fund.
The company will invest initially in second-tier cities, but is eager to branch into the private rented sector, founding partner Philip Churchill said. It will consider investing in retail, logistics and alternatives and will target net cash yields of 6-8%.
“The property recovery in most US cities is nine to 12 months behind the UK. We see opportunities in cities that are prime but not premier league,” he said.
The news comes after founder of St Bride’s Managers, Robert Houston, urged UK-focused investors to consider diversifying into the US property market.
Dragons’ Den star Caan founded 90 North in June 2012, and the company has since worked on £430m of real estate transactions on behalf of a predominantly Middle Eastern client base.
Article from Estates Gazette