Schroder Property Managers in Jersey has awarded a new £100 million (just over $150 million) mandate to London-based Mayfair Capital to be managed by director Robert Palmer.

This new fund, constituted as an open ended Jersey property unit trust, will be known as the Mayfair Capital Property Unit Trust. It is launched with initial equity commitments of over £100 million from a number of Schroders’ property multi-manager clients and alignment equity.

“This new fund represents a great opportunity to take advantage of current market conditions. With a core/core plus strategy, we will be acquiring assets with income growth potential together with more entrepreneurial ‘added value’ opportunities both directly and through joint venture. Our target lot sizes will be between £5-10 million, a segment of the market in which Mayfair Capital is well known for being an active player," Palmer said.

Robert Palmer's joining Mayfair Capital follows Ned Pumphrey’s appointment in May as investment director.