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Euro property fund aims for 12%

Newly formed investment boutique Tri Investments is setting up a European residential property fund aim- ing for an annual return of 12 per cent.

The fund offers diversified exposure to European residential property, investing in off-plan residential developments in emerging EU countries. The first investments will include holiday developments on the Croatian and Bulgarian coasts and city centre apartments in Warsaw and Prague.

It hopes to take advantage of macro-economic changes in European emerging markets, such as the rise in disposable income and declining interest rates which have improved the affordability of homeownership in these countries.

While affordability has improved, house prices in Warsaw have also risen by more than 20 per cent a year for the last two years.

The firm, founded by Chris Finch, former head of pensions product development at HSBC Asset Manage-ment, is joining forces with property specialist Morley Fund Management, and King Sturge, one of the biggest European property consultants, to launch the fund. The deal is subject to FSA approval.

Finch believes clients should view European residential property as a viable substitute for European equities in a diversified portfolio.

Minimum investment is £5,000. Initial charge is 5 per cent and annual 1.95 per cent. Commission is 3 per cent initial and 0.5 per cent annual.

Skerritt head of investments Andrew Merricks says: “I have been in this business too long to view these projected returns as by any means assured. These are developing markets and you have a lot of faith in the people running the money. I applaud the innovation but I would want to know a lot more before getting too excited.”

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