Property News - West Coast and Bank of Scotland warehouse fund

Tom Hunter's West Coast Capital and Bank of Scotland Corporate Banking have joined forces with LXB Properties, the new vehicle for the former Grantchester management team, to create a new retail warehouse fund.

The fund has a target size of£300 million, to be created through the refurbishment and redevelopment of existing retail parks. A number of sites across the UK are already being considered, according to LXB chief executive Tim Walton.

West Coast Capital had been the main backer of Tim Walton and Nick Hewson's bid to take Grantchester private, before their offer was trumped by rival bidder Hammerson.

Walton said: 'This joint venture represents the first step in our ambition to build a significant new business in the retail warehouse sector.'