London & Scottish Investments, set up two years ago by the directors of Glasgow-based Credential Investment Holdings led by Barrie Clapham, has helped the Tosca Commercial Property Fund close to new subscriptions after raising and investing £147m.
Martin Hughes, chief executive of Toscafund, said the deal confirmed the group was "able to move quickly to take advantage of changing investment opportunities".
London & Scottish, whose accounts show £4.5m of shareholder funds, is led by Mr Clapham, Derek Porter and Stephen Inglis, all directors at Credential, whose last annual accounts showed outstanding debt of £168m.
The fund was launched in July to seek out commercial and industrial properties in cities away from the primary London market. Its aim was to "benefit from the expected recovery of the UK commercial property market as businesses outside London look to expand".
Toscafund said it had acquired a mixed portfolio of high quality commercial property in Aberdeen, Glasgow, Newcastle, Manchester, Leeds, Bristol, Swindon, Croydon, Leatherhead and Birmingham. The portfolio includes a 70,000 square feet office building in Glasgow city centre. The fund has a pipeline of further acquisition opportunities across the UK.