AIM has seen its biggest flotation this year, with activist investor Laxey Partners launching its Terra Catalyst property fund.

AIM has seen its biggest flotation this year, with activist investor Laxey Partners launching its Terra Catalyst property fund.

The fund raised £116 million, which will be used to turnaround struggling European real estate firms and increase their value.

The newly incorporated, closed-ended Cayman Islands registered fund is an exempted company, and {that) will also invest in funds in Europe. The company intends the proceeds of its fund to be fully invested within six months.