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.
What made financial headlines over the weekend?
Regardless of Brexit outcome
Prefer hard assets and cashflow
£15bn investment gap
Replaced by Stephen McPhillips