In conjunction with NCB Stockbrokers, Gunne Commercial has recently launched a tax-efficient geared property fund. The sponsors say the fund is the first of its kind in Ireland targeted at investors wishing to purchase commercial investment property
Stephan Foster, surveyor at Gunne Commercial said, ‘Some of our competitors are involved in this way in the UK market’ adding that the fund was ‘unique in Ireland’.
Foster said he didn’t see the market evolving towards estate agents offering financing products on their own due to legal restrictions. The fund will run for a seven-year term and will be made up of IEP10 million of investors’ capital and IEP15 million of debt. The minimum entry size into the fund is IEP50,000 with a maximum allocation of IR?500,000.
NCB’s Conor O’Kelly commented ‘This product underpins NCB’s firm commitment to deliver innovative and tailored products for its personal investment clients.’
James Meagher, a director of DTZ Sherry Fitzgerald, said that the pooling of property investment was not new but the front-end role of estate agents in marketing and managing investment pools publicly was a growing trend. ‘We launched a ?15 million UK residential property investment fund last year’, he said, and added that his company had also privately organised commercial property investment pools of around IEP5-IEP10 million. |
