Investors in Housing Fund
(Currently in Fund Raising)
Mill is actively engaged in launching this innovative Fund. Key investment parameters are:
- Residential property fund, focusing on London and the South East of England.
- Forecast indexed cash return of 6.0% p.a. from drawdown.
- Target £500m equity raise.
- The London Pension Fund Authority is a cornerstone investor of up to £50m and have recently been joined by the London Borough of Newham.
- Mill Group will co-invest £1m.
- Aim to invest fully within18 months of first close, at a favourable point in the cycle.
- Quality team with excellent track record.
- Investments to be made under co-investment arrangements, which should provide significant benefits to investors.
Mill Group UK Property Fund
- Established in 1995 in Guernsey as a twin distributer /capital appreciation fund.
- Focussed on commercial and residential property
- Value or projects peaked at about £25m
- Managed by Saffery Champness, Guernsey
- Property manager was Mill Group
- Target 10% IRR over 5 years. Achieved a little below this over 3 years when investors requested early termination of fund.
- Residential projects included 10 houses in Cambridge refurbished and brought back into use.
Past Residential Funds experience before the establishment of Mill Group
South Eastern Assured Homes and similar
- A series of 8 public companies launched between 1988 and 1991
- Raised over £60m of investment from retail investors
- Portfolio of about £300m mainly new build development
- Quality board led by Michael Davies
- Early bank guaranteed BES scheme
- Investment model – residential vulture funds with 5 year hold through letting under the (then) new Assure Tenancy leases
- Performance good with recovery of the market as predicted
Home reversion schemes
- A series of 5 public company launched between 1990 and 1993
- Raised over £20m of investment from retail investors
- Portfolio of several hundred home reversion investments made
- Target investment parameters of 6% discount and 100% capital growth delivered, plus tax relief
Student accommodation schemes
- A series of 13 public company launched between 1992 and 1997
- Raised over £63m of investment from retail investors
- Deals with Cambridge Colleges - Kings and Corpus Christi, Sheffield Hallam University and Roehampton Institutes
- Portfolio of about 1300 student accommodation units made
- Target investment parameters delivered, plus tax relief
