UK fund administrator Close Fund Services has won a further mandate from M&G Investments, the asset management division of Prudential, to provide fund administration services for the new M&G Real Estate Debt Fund.
Close already provides fund administration services to a range of property, equity and bond funds managed by M&G Guernsey with a total value in excess of 1.1bn.
The new fund, which has raised 140m, will provide investors across Europe with access to mezzanine finance and will look to bridge the gap created by the withdrawal of lenders from the property sector.