BOI adds to Geared Property Fund
Bank of Ireland has announced it has added to its UK Geared Property Fund portfolio through the purchase of two properties at a cost of £6.42m (€9.34m).
These premises, a retail warehouse in Essex and industrial warehouse in Northampton, will join the fund's existing properties in Cheltenham (retail warehouse), Reading (retail property) and Newbury (high street retail), purchased in May 2004.
The fund is targeted at investors seeking to capitalise on the growth opportunities in the UK commercial property market who are prepared to accept the additional risk that attaches to a geared fund.
The minimum investment required to participate in the fund is €30,000 and it has grown by over 13.5% since the start of 2004.
The fund’s strategy is to purchase further properties over the coming months with the aim of selling them in approximately five to seven years. In total, the fund will comprise approximately 10 properties.
