The Stonehage Group, the Jersey-based private client wealth management company, has built a €400m (£267.7m) war chest to invest in commercial and residential property across the UK and Europe.

The low-profile group, which manages money on behalf of wealthy private individuals and family trusts this week closed its Stonehage Westcity Property Fund after raising €83m (£55.5) of equity.

Clients of the Stonehage Group and its management team have contributed €54m (£36.1m) to the fund and a further €29m (£19.4m) has come from Westcity, the fund’s property advisor. This equity, together with debt financing, will enable the fund to acquire up to €400 (£267.7m) of properties when fully invested.

Stonehage has appointed several key figures from the property industry to act as advisors to the fund.

Among those reviewing potential transactions are Michael Rapp, a non-executive director of Liberty International Holdings and Steve Smith, managing director of Axa Real Estate Investment Managers.

Eric Fisher, director of Stonehage Property Partners, the property advisory arm of Stonehage, commented: ‘The strength of our client relationships has resulted in strong investor interest, raising significantly more equity than originally targeted.

Westcity Plc announced that the Stonehage Westcity Property Fund, in a 50/50 joint venture with Byrne Estates Limited, has contracted to purchase the property at Queen's Wharf, Hammersmith for £30.75 million. The purchase price will be funded by approximately 25% equity and 75% senior debt.