Wainbridge Capital Ltd, a UK property investment manager, has launched its first fund, Wainbridge Global Opportunities London Ltd (WGOL). The value-added real estate fund, mostly backed by Russia-based high-net-worth investors, has completed a first close with £50 million (€59 million) in equity. WGOL is targeting £100 million (€118 million) in equity to invest in office and mixed-use properties, primarily in London. With leverage, the fund is expected to have a total buying power of £285 million (€337 million).

WGOL has already made its first investment, acquiring No 1 Croydon, a 15,000-square-metre office property in Croydon, part of the greater London area. The asset was recapitalised and refinanced for £31 million (e36.6 million). It was secured in an off-market transaction from Delek