Savills Fund Management (SFM) and Carr Sheppards Crosthwaite are launching what is believed to be the first property common investment fund to invest directly in UK property for charities.

SFM, the investment management arm of Savills, the property company, will advise on all the fund's property investments, and Mayflower Management Company, a wholly owned subsidiary of Carr Sheppards Crosthwaite, a private client and charity fund manager, will manage the fund's administration.