08 February 2010

Climate Change Capital's Property Fund Raises £69m

(LONDON, 8 February 2010) Climate Change Capital Limited (CCC), the low carbon asset manager and adviser has announced that its property fund (CCPF) has closed with c. £69m equity.

CCPF aims to generate attractive levels of returns by investing in commercial property with the emphasis on retrofitting existing buildings in major cities in the UK to achieve improved sustainability and reduced operating costs to the benefit of all parties. Stakeholders in commercial property are increasingly focused on the potential impacts of climate change, reflecting their corporate responsibility, their brand reputation, the drive to reduce energy costs and the need to augment the value of their property investments in the future.  

The fund is 40% invested to date with two assets in Birmingham and Edinburgh and further investments are under active consideration.

Tim Mockett, joint Founder Partner of the fund said: "We are pleased that our investors who are from the UK, Europe and Australia, are prepared to commit to a sustainable investment strategy. Investors are becoming increasingly aware of how the future regulatory landscape will look and are acting accordingly. The trend to more energy efficient buildings, driven by legislation and the wishes of occupiers and investors, is irreversible."

"We have already seen real asset management wins and are continually reducing the carbon footprint in our portfolio, leading to significant cost reductions for our tenants - a working example of how global environmental issues can be addressed with local strategies."

Esme Lowe, joint Founder Partner of the fund, said: "As a first time fund with no legacy issues, this successful closing is a validation of our specialist investment strategy and provides a platform for growth. On a stock selective basis we remain confident of the prospects for UK property."

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