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Buy-to- let fund opens door to property

Curzon Capital claims its new residential buy-to-let fund, which it is launching through a number of advisers in advance of A-Day next year, is the first of its kind.

City Living, initially set at 50m, is aimed at self-invested personal pensions.

It will be run in conjunc- tion with Cluttons LLP, which will act as property adviser and manager. KPMG will give tax advice.

Sipp subscriptions up to an initial 25m will be geared up with an initial borrowing facility of 25m for the Guernsey-based Oeic, which is listed on the Channel Islands Stock Exchange.

Minimum investment is 20,000 which buys property exposure of 40,000. The closing date is November 18.

Curzon says bigger Sipps considering direct property purchase after A-day can use City Living to gain geared exposure to residential buy to let while the investor researches the property market.

City Living will invest in stylish, reasonably priced apartments in major cities. It aims to build a high-quality diversified portfolio of newly built one and two-bedroom apartments aimed at the urban rental market.

The annual charge is1.25 per cent and commission is 3.5 per cent upfront with 10-year trail of 0.5 per cent.

Chief executive Christo- pher Derricott says: “City Living is a new and timely investment opportunity for both individual and institutio- nal investors.

“It allows individuals to place residential property in their pension funds immediately, ahead of A-Day, giving substantial tax benefits and considerable advantages in terms of diversification and liquidity compared with holding property directly.”

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