The Letterstone Emerging Europe Fund Limited (LEEF) is launching on June 30th to residential property investors. The fund will attract portfolio investors keen to exploit high returns from investing overseas, and also private individuals who want to invest but would prefer to spread the risk and not have to become involved in active management. The fund is targeting minimum returns of 15-20% per annum for five years, and is a Guernsey-based Qualified Investor Fund with an entry-level investment of €100,000 (£66,474*).
Prior to launch, LEEF has secured €4million, meaning the initial fund target is already raised. The total initial target is limited to €20million. Letterstone plc as property investment advisor will focus on primarily residential properties in markets that have strong growth potential, including (but not exclusive to) Bulgaria, Croatia, Hungary and Slovakia.
Letterstone plc’s “Property Investment Track” is a quarterly index that ranks the prospects of the property markets in all the EU accession countries and candidate countries. The June report rated Slovakia, Bulgaria and Croatia the best investment opportunities for investors looking in the next quarter. The focus for the fund will be linked to the findings of the Property Investment Track, which is a qualitative report and barometer of the emerging European market.
Ian Jones of IFA firm Specialist Solutions, which is facilitating investment opportunities in the fund, comments, “This is a chance for property investors to capitalise on the strong growth potential of the whole region. LEEF has a full team of experienced investment advisors, including Letterstone plc, which has invested in residential property in all of the fund’s targeted countries.”
The core criteria for investing fund capital are: quality of development partners; proven drivers of local purchase demand, projected returns for rental yield and capital gain, location, transport and local amenities and build quality. Letterstone plc has a customer base of 2500 private investors and LEEF is being launched in response to customer demand, many of which have already expressed an interest in investing in the fund.
Nick Dare, Letterstone plc director and property manager of LEEF, comments, “Many of our investors have been asking whether instead of choosing to buy in one of our schemes, they can invest their capital in a fund instead. Now they can benefit from the collective growth of the whole region, rather than relying on the upward trajectory of one market.”
Letterstone plc’s roster of fund advisors includes King Sturge (property valuer), Bachmann Fund Administration (administrator), BDO Novus (company auditor), Carey Olsen (Guernsey legal advisor), and Fladgate Fielder (UK legal advisor).
To receive information on property markets in emerging Europe, interested parties can telephone Letterstone plc on 020 7348 6065, or subscribe online to the company’s investment round-ups and market intelligence service at www.letterstone.com.
*As at 29th June 2005
About Letterstone plc
Letterstone plc locates niche developments in areas specifically chosen to maximise rental and resale returns, in the UK, Eastern and Central European markets. The London-based company can be found on the web at www.letterstone.com.
CONTACT: KATE DUNSTAN, PHOENIX ON 01372 372372 FOR MORE INFORMATION
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