Ground Rents Income Fund, a listed real estate investment trust managed by Hale-based Braemar Estates, has raised £38.6m through a new share placing.
It was originally hoped that the placing would raise £50m and increase the fund's investment assets to £100m.
The proceeds of the placing will be invested in future ground rent investments.
GRIF is advised by Brooks Macdonald.
The fund's investment strategy is to continue to acquire portfolios of ground rents comprising the freeholds and long dated head leases of residential, retail and commercial properties in the United Kingdom.
A spokesman said the fund's managers were pleased with the result of the latest placing given the £50m raised when Ground Rents Income Fund was floated in August last year.
Investments to date include the Gateway, a mixed-use development in Leeds bought for £2.4m in January and comprising 552 residential apartments, the Etap hotel and retail units.
The fund announced last month that it had purchased a further portfolio of ground rents consisting of 541 units throughout the North West and Midlands for £2.4m from Morris Homes, generating annual income of approximately £130,000.