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Buckles expands Fof range into European property

IFA firm Buckles Investment Services has expanded its fund of fund range with the introduction of the Snowdonia property fund.

The fund will aim for an initial yield of 4.5 per cent by investing in real estate investment trusts, offshore property companies quoted on the London Stock Exchange and other commercial property shares in Europe including the UK. It will have the ability to invest up to 20 per cent outside Europe.

Alex Ross of Premier Portfolio Managers will run the fund. He joined Premier from Aberdeen, where he ran the property share unit trust.

Buckles says investing in property shares has a number of advantages over direct investments, including greater liquidity and the ability to benefit from consolidation within the quoted property company sector.

The firm believes that this fund is well placed to take advantage of the introduction of Reits in Germany and eventually the UK.

The main disadvantage of investing indirectly in property has been the impact of double taxation on income. But Buckles feels that the adoption of Reits in some countries has removed this problem as they pay no corporation tax and must distribute 90 per cent of dividends.

Ross says: “The reason I like Europe so much is there is a gap between the yield you can get from properties and the cost of borrowing, which provides good growth potential. I expect the fund to benefit from German companies offloading their premises to Reits on a sale and leaseback basis.”

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