London-based asset manager Schroder has divested its stake in Tosca Prime Residential Fund, according to UK regulatory notices.
The stake was sold to NBAD Private Bank (Suisse) SA, the Swiss banking subsidiary of National Bank of Abu Dhabi.
NBAD did not return a request for comment at press time.
Tosca Prime Residential Fund is a 2010-vintage fund managed by London-based Toscafund. The fund raised short of £15 million ($24 million; €19 million). It is fully invested, fund manager Chris Bodker told Secondaries Investor.
The vehicle plans arbitrage of central London properties, including finding opportunities for planning and refurbishing high-end houses, according to the firm’s website. Its target returns are an internal rate of return of 20 percent per annum, but is expected to outperform its target in 2014.
Toscafund was founded in 2000 by Martin Hughes, former chairman of Tiger Management Europe. The firm currently manages $3 billion and employs 33 people, who focus on specific opportunities in UK real estate, such as UK mortgages and UK commercial properties through small- and mid-cap deals, according to the website.
Toscafund is also reportedly shariah-compliant and offers opportunities to Middle Eastern investors with a minimum spend of £1 million per individual.
Schroder initially bought the Tosca stake from Citco, a financial services firm for high net worth individuals, in May 2012, according to a previous regulatory notice.
The firm was unavailable to comment by press time.
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