Insider trading investment and liquidity a welfare analysis rent
Investment Trust Insider - Insider trading investment and liquidity a welfare analysis rent the door to investment trusts. Unlike its rivals, Fundamentum says it will focus exclusively on the provision of homes for tenants with disabilities and learning difficulties.
This is an area of huge demand with the London School of Economics estimating 1. Rather than forward fund or develop new properties, Fundamentum buys and refurbishes existing homes to ensure they meet the needs of housing associations and local authorities.
Launched five years ago Fundamentum Property claims to have transacted on over properties, 70 of which were in the supported housing sector. Its main focus has been the KMG Castel Residential Property Funda small, non-dividend paying, capital roll-up fund in Luxembourg used by wealth managers and family offices.
Castel has suspended redemptions while Fundamentum sells properties to return cash to investors who want to exit. This echoes the problems many open-ended UK commercial property funds experienced after the Brexit vote inalthough Castel continues to operate and provide updated valuations. Aside from the awkwardness around the Castel fund, the launch also comes at a more challenging time for new investment companies trying to get off the ground.
However, its ordinary share price has fallen out of favour after the discovery in February of financial problems at one of its housing associations, First Priority in Kent. It also suffered the death of its chairBrenda Dean, last month. Secondary share issues by Reits have also been varied this year.
Referring to the problems at First Priority, Forbes said Fundamentum took its due diligence of housing associations seriously.
He said the firm also checked if housing associations received referrals from local authorities. In another departure, Forbes said the portfolio would be valued more conservatively than some of its rivals. The subscription offer will end on 27 April with trading in the new shares expected to start on 2 May.
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