Prince of Wales to Launch UK Property Fund

Stephen Harris

30 June 2008

The heir to the British throne is planning to launch a £1 billion property fund that will invest in sustainable building projects and expand his business interests, according to a report in the Daily Telegraph.

Prince Charles wants to capitalise on the experience gained from developing his ecologically friendly Dorset village Poundbury by moving into building on brownfield sites and commercial properties.

Credit Suisse has already started raising money for the fund with Middle Eastern investors, the report says, with a team of property executives lined up to run the fund, to be called Tellesma.

Ian Henderson, former chief executive of Land Securities, the UK's biggest listed property company, has been appointed as chairman and Mark Collins, who was Land Securities' chief operating officer, chief executive. They are being supported by John Anderson - formerly of Bovis - and Paul Harries who worked at PricewaterhouseCoopers.

A third of the fund will be owned by The Prince's Charities, a group of 19 charities backed by the Prince of Wales which include the Prince's Trust, which will benefit from the fund's profits. The other two-thirds will be owned by the investors.