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New Star to launch retail version of its international commercial property fund

New Star is launching an onshore version of the group’s international direct commercial property fund, which it says is a first of its kind in the UK market.

The New Star international property fund will be the first to allow UK retail investors to hold international direct commercial property in an FSA authorised retail fund within a tax-efficient manner.
The fund group says the FSA modified its rules following discussions between the two, which enabled it to structure the fund in a tax efficient manner.

The fund, which is managed by the New Star property team led by Roger Dossett, is a retail version of the group’s institutionally managed global property fund. Launching in the middle of 2006 the fund has already garnered some $1bn by investing through international bricks and mortar.

Structured as a non Ucits retail scheme (Nurs), the international property fund is set for launch in early summer with a three week offer period running from May 14 to June 1.

Dossett will manage the physical property portion of the fund while Robin Carr and Simon Tyrell will assess opportunities in Asia and Europe respectively. New Star chief investment officer Gregor Logan will manage the property securities and cash components.

The fund will have an initial charge of 5 per cent while the AMC is 1.75 per cent. Adviser commission is set 3 per cent upfront and 0.5 per cent trail. Minimum investment is £1,000 with regular savings at £100 per month.Estimated initial yield is 4 per cent gross.


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