The UK's vote to quit the European Union has triggered property market volatility, but this also creates opportunities for canny investors, and Kames Capital aims to be one of them.

Kames Capital, the UK firm with £57.8 billion ($76.5 billion) of assets under management, is launching a second version of its closed-ended UK Active Value Property Unit Trust, saying the UK’s vote to leave the European Union has opened opportunities to buy commercial assets at enticing values.

The new fund has been launched with £50 million seed investment from West Midlands Pension Fund. The fund has a seven-year lifespan, the firm said in a statement. It will aim to raise £250 million and will have a target distribution yield of around 6.5 per cent per annum gross of annual management charges (paid quarterly).

The firm said the launch comes after the success of the first fund, called the UK Active Value Property Unit Trust, which raised £275 million. The latest fund adopts the original fund’s investment strategy, targeting the "good quality" secondary commercial property market, particularly those properties in the £5 million to £15 million price bracket.

The Brexit vote on 23 June has caused higher levels of volatility in the UK commercial property market, which in turn is providing opportunities for active investors to acquire good-quality secondary assets, Kames said.

The manager of the new fund is Philip Bach. 

The fund has the opportunity to extend its lifecycle for a further two years. It is a Jersey property unit trust.