Close Property Investment is launching a fund offering up to 7.5% initial commission. The portfoli...
Close Property Investment is launching a fund offering up to 7.5% initial commission.
The portfolio of Quartet will include 13 properties consisting of a mix of office space, shopping centres and warehouses, spread across Scotland, the Midlands and the South East, with a total value of £96.6m.
The group will initially borrow 85% of the purchase cost, equivalent to £82.11m, from Halifax Bank of Scotland, which will also contribute 48.5% of the fund's equity. In addition Close is looking raise up to £10.5m from the retail market.
The portfolio will be run by Catalyst, a property management group, and the investment will be available through two separate vehicles. Quartet Commercial Properties plc, a closed-end Isle of Man company for individual investors, Quartet Exempt Trust, designed for Sipps and Ssas.
Good governance v resources
UCITS rules need changing
Old age dependency ratio ‘outdated’
Scope for change post-Brexit
To tackle liquidity issues