Reuters- Investment firm Assetz said on Tuesday it wanted to raise 20 million pounds for a fund specialising in foreclosed British homes, even though it was still bullish about the outlook for house prices.

Assetz Chief Executive Stuart Law said he was confident of raising the money from institutions and private investors and that the fund would have 100 million pounds of firepower with additional debt funding.

"We do not need much equity because we are buying well below market value," Law said. "There are plenty of niche opportunities out there for repossessed properties."

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Reuters – Investment firm Assetz said on Tuesday it wanted to raise 20 million pounds for a fund specialising in foreclosed British homes, even though it was still bullish about the outlook for house prices.

Assetz Chief Executive Stuart Law said he was confident of raising the money from institutions and private investors and that the fund would have 100 million pounds of firepower with additional debt funding.

"We do not need much equity because we are buying well below market value," Law said. "There are plenty of niche opportunities out there for repossessed properties."

He said it was possible to get rental yields on repossessed and sale-and-rentback properties above 7 percent, compared with a more typical 5 to 5-1/2 percent in the buy-to-let market.

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