INTERNATIONAL Real Estate Services (Ires), the UK-based property fund manager chaired by Cape Town's Louis family, has announced the successful launch of two more British mutual property funds, one in its diversified property fund (DPF) stable, and the other in its property specific fund (PSF) series.

The DPF is a P38m fund which owns five industrial estates and according to Dr Alan Louis, CEO of Louis Group International, was suited to the long term, high growth orientated investors.

The last PSF offer covered the Laura Ashley Building in Newcastle-under-Lyme and in keeping with Ires policy would probably mature in around five years when the property would be sold.

The two new funds are targeted to deliver in excess of 12% to investors with low associated risk. Louis said both funds had been oversubscribed by British investors, but Louis had reserved a large stake in the DPF 'which would be allocated to our faithful South African investors E Unfortunately for new investors the PSF was sold out within two weeks of its launch.

However, we are about to close on another PSF building which we hope to announce in a month's time, and this will be our ninth British fund in two years'.