Savills Investment Management, a real estate money manager is entering into a joint venture with China Minsheng Investment Capital Co., to develop and promote a series of real estate funds and other investment vehicles, said Stephen Sheppard, a Savills spokesman, in an e-mail.
China Minsheng Investment Capital Co. is a subsidiary company of China Minsheng Investment Corp., a Shanghai-based private investment company with 50 billion renminbi ($8.2 billion) in registered capital.
The joint venture's first initiative will be to form a new real estate fund, CMISIM European Investment Fund, which includes a £30 million ($46.7 million) cornerstone commitment by China Minsheng Investment Capital Co. The majority of the new fund's seed capital will be invested in Savills Investment Management's Prime London Residential Development Fund, which invests in midmarket residential developments in areas of London where there are supply-demand imbalances.
China Minsheng Investment Capital Co. will commit an additional £20 million directly into the Prime London Residential Development Fund.
