A closed-ended fund targeting exclusive London residential investments has been launched this week and aims to target the “bullseye” of the capital exploiting opportunities in Knightsbridge, Mayfair, Chelsea and Kensington.
The fund – called the London Central Residential Recovery Fund - is targeting 15% returns and is seeking to raise £10m of equity. It will focus on investing in properties where there is the potential to add value. The properties will be refurbished, furnished and let to blue-chip corporate tenants, providing quality rental income and capital growth.
It will have an eight year lifetime and will have a 65% loan to value at 1% over the base rate provided by Fortis Bank. Investors’ minimum investments will be £50,000.
The fund will be listed on the Channel Islands Stock Exchange and will be managed by London Central Portfolio which is headed by George Hankinson. Fortis Fund Services is administrator.