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Hearthstone launches residential property fundNew fund aims to tap into £4,000bn residential property market, in a “first of its kind” move.
By Michael Trudeau | Published May 18, 2012 (Source)
Residential fund manager Hearthstone Investments has received approval from the Financial Services Authority to launch a regulated residential property fund.
Claiming to be the first of its kind in the UK, the TM Hearthstone UK Residential Property Fund will be open to individuals with Isas and self invested personal pensions with a minimum investment of £1,000 through to large-scale pension schemes.
David Gibbins and Lucy Hawkins, residential property fund managers, will manage the fund, aiming to track the Acadametrics House Price Index by investing in private rented sector housing across the UK.
Hearthstone aims to give the fund a soft launch this summer and fully roll it out by September 2012.
The company’s target for the fund is £250m in the first 18-24 months of it going live, rising to potentially more than £1bn by year five as support for the residential funds industry becomes more widespread. MoreOn Property
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Christopher Down, founder and chief executive of Hearthstone Investments, said: “At over £4,000bn, residential property is the largest asset class in the UK, bigger than the UK equities and commercial property combined.
“Despite this, there have been no authorised funds in the sector, and most investors have been offered little choice other than direct ownership of bricks and mortar.
“Hearthstone has been set up to fundamentally change this anomaly, offering both retail and institutional investors the same investment options in residential as they have in other asset classes.
“FSA approval for our first fund is a significant step forward in enabling us to do this.”
Almost odd that David & Lucy are 'residential property fund managers' and yet there has never been such a fund in the UK. I guess they are new at it.
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The people behind the fund seem to have a background in finance, fund management, residential property etc. Read here
I was interested in this news as there has been a lot of talk recently about the ability to use pension funds to invest them into residential property rather then commercial. With an estimated 200bn of investment needed to cover the demand for rental properties and an estimated 50bn comming from private investors, this is the next logical step to bridge the gap.Residential investment funds could encourage the building industry to build "build-to-let" properties. This could be a turning point for the housing supply and a welcome choice for some to invest their money/pension.What is everyone elses view on this?
Very interesting. I have long wondered why there had not been such a fund.
It possible means a lot of opportunity for some ancillary service offerings.... sourcing and management to name just two.
Thought Resi wasnt allowed conected to pension funds?Would this lead onto those of us with a few bob in SIPPS to use ourselves like we can buying Commercial Property?
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