Residential fund has £3m to target distressed stock

Residential Property Recovery Fund has raised £3m to buy "distressed and mispriced residential property" in the Midlands and the North of England.

RPRF this week announced the first close of the fund, having raised investment from individuals, businesses and pension investors.

The fund, managed by Leicester-based Residential Property Asset Management, will have a series of monthly closings from this point.

Barney Buik of RPPF said: "We are pleased to have completed the first close of the fund, which will allow us to pursue a number of opportunities we have identified."

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