HBOS backs £100 property fund
From Financial Times
January 13, 2008
A husband-and-wife team from Edinburgh has been given the task of setting up a £100m-plus residential property fund by HBOS, the bank.
Peter Grant, a former circulation manager at the Daily Record, set up Grant Management with his wife Colette 10 years ago with redundancy money and the proceed from the sale of their home.
As first the pair bought buy-to-let properties for friend and friends of friends, in the Edinburgh area and managed them on their behalf. They have since built up the company into a £12m-a-year business with 80 staff, managing more than 1300 properties.
Now HBOS has provided the bulk of a £100m war chest for the company to source 500-600 properties for a new fund that could be turned into a Reit (real estate investment trust).
