Listed minnow CVC Property Fund is going to take on a new mandate if plans by listed real estate investment and funds manager 360 Capital Group to take over its management go ahead.
360 Capital has been working with CVC Property’s board on a review of the group and it will now adopt a strategy that will see it target souped up returns.
In an unusual play for a listed group, it is openly chasing asset repositioning plays and debt investments, and will also underwrite deals and pump cash into “special situations”.
All this will happen as the CVC fund’s responsible entity is switched over to 360 Capital Investment Management. Once the change s approved by investors, the fund will raise about $50m under its new name, the 360 Capital Total Return Fund.