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ClosePip isa and pep fund targets property

Close Property Investment’s new ClosePip Isa and Pep fund invests in a property fund of funds which, although fett-ered, harnesses the skills of several independent property managers.

The underlying ClosePip fund of property funds was established in May 2003 but its offshore open-ended status meant it did not qualify for Isas and Pep transfers. By establishing a closed-ended fund to invest solely in ClosePip, this problem was solved and has opened the door to investors with smaller amounts.

ClosePip contains seven Close Property Investment funds – the freehold income trust, capital appreciation trust, active commercial estates, Close high-income properties, healthcare and leisure prop-erty fund, business centre properties and closed-ended funds.

These invest directly in pro-perties, rather than property shares, across sectors, including hotel and leisure, office, industrial and residential retirement properties in the UK.

Close Property Investment retains overall control of the property portfolio but employs specialist property managers such as Freehold Managers, Citibase and Waingate to help with active management.

Parallels may be drawn with equity fund of fund managers which appoint other managers to run segregated mandates – investors benefit from the input of expert managers while the fund of funds manager knows exactly what is going on within the portfolio at all times.

Close Property Investment marketing manager Mark Hut-chinson says: “In a way, it is a mandate. Through our contacts, we find managers who have expertise in niche areas. We find someone who operates in a market we believe in, someone who knows that market well, and we work with them. But as we are the managers of inves-tors’ money, ultimately, it is our responsibility to invest it.”


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