Brandeaux has reopened its Student Accommodation Fund with subscriptions of more than GBP15m in the first seven weeks since the introduction of a new share class with longer redemption
Brandeaux has reopened its Student Accommodation Fund with subscriptions of more than GBP15m in the first seven weeks since the introduction of a new share class with longer redemption terms.
Existing investors have accepted the new terms and will convert into the new share class on 5 June.
In the period to 30 April 2009, the fund returned +10.78 per cent over the last 12 months, +34.52 per cent over three years and +58.04 per cent over five years.
As a result of demand for US dollar and euro versions of the fund, Brandeaux says it will launch student accommodation funds denominated in both of these currencies.
The two new funds will be offered on the same terms as the flagship Brandeaux Student Accommodation Fund. They will invest in the existing Brandeaux student accommodation portfolio through Brandeaux Student Accommodation Fund. Launch is scheduled to take place in June.
Kay Brandeaux, chairman of Brandeaux, says: ‘We have had a huge amount of support and co-operation from life companies, product providers and dealing platforms in the complex task of re-opening the student fund. As a result we are now firmly back on track.
‘The two new funds we are launching to invest in student accommodation will give further opportunities for investors to participate in this popular asset class which has shown resilence to current economic downturn.’