commercial real estate in the UK, has been listed on the Bermuda Stock Exchange.

The closed-end property investment company intends to generate income and capital growth for its investors.

Unlike a mutual fund, the investment company will not issue shares after its offering closes as expected later this month.

The company's shares and warrants were "notifiably'' listed on the Bermuda Stock Exchange from February 15.

A maximum of 60 million shares and 12 million warrants are for sale in units of five shares and one warrant at 25 pounds each.

A number of influential local professionals are named as directors of the company, including Mr. Michael Butt, president and chief executive officer of Mid-Ocean Reinsurance, Mr. Stephen Kempe, executive vice-president -- international and corporate banking at the Bank of Butterfield, and Mr.

Cummings Zuill, senior vice president and general manager, private banking at the Bank of Bermuda.

The initiative originated in the UK. Bermuda was chosen as the domicile for the companies, because of its reputation as a location for funds, its low tax status and favourable regulatory environment, according to one professional working on the project.

According to a placing memorandum dated December 29, 1993, the company aims "to invest in commercial real estate of institutional quality in good locations in the UK''.

Tower Property Management, a locally incorporated company, will act as manager of Tower Property Company.

London-based EPIC Property Management will advise both the management company and Tower Property Company on property investment opportunities and will act as a property manager.

The timetable for an offering in shares and warrants in the company was due to close on January 21, 1994. The offering is now expected to close in mid-March, in a bid to attract more last minute investors.