A new property investment fund is to be launched this week.
The Candy & Candy Growth fund, has been set up by Nick and Christian Candy, whose wealth is put at £330m in the latest Sunday Times Rich List.
The fund will buy residential properties in prime London locations directly from receivers or forced sellers at discount prices. It aims to raise £100m, and will target returns of about 10% a year.
Properties will be let for a minimum of three years and then renovated by Candy & Candy, the brothers’ luxury furnishings business, which the manager hopes will add further value before the fund’s assets are sold. It will have a set life-span of seven years.
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