Cordea Savills, the UK-based international property investment manager, has confirmed the final closing of its Prime London Residential Development Fund.

Following recent acquisitions in Chelsea and South Kensington, the fund has attracted further capital and now has purchasing power in excess of £200 million (around $306 million).

The fund strategy is to enable investors to capitalise on the shortage of both debt and equity in the development market and has a target return of 18-20 per cent per annum over a four-year life. Although the fund is now closed, there remains the opportunity for co-investment partners to participate in joint venture developments in order to achieve greater scale and diversification for investors, the firm said in a statement.

To date, the Prime London Residential Development Fund has invested in three schemes with a total gross development value in excess of £160 million.

As at 30 June 2013, Cordea Savills and other Savills Group companies managed a total of £7,052 million of assets.