UK – Schroder Property Investment Management and specialist UK property group Benchmark have established a new Jersey registered property fund – the West End of London Property Unit Trust (WELPUT) - with initial assets of £300m (€488m).

The fund is expected to grow to more than £1bn in the next three years.

Benchmark will be WELPUT’s advisor whilst Schroders will be responsible for the investment management.

There are to be four initial investors in WELPUT including both Benchmark, Schroders and HSBC. The fourth investor remains undisclosed and the deal is subject to approval by Benchmark shareholders.