In a press release made available today, and subsequently reported in International Adviser, Coral’s Chief Executive John Kennedy has expressed the Fund’s interest in the Mansion portfolio.
Mansion Student Accommodation Fund closed to redemptions in October 2013 in the wake of Brandeaux and other “alternative” fund closures. Since then investors have eagerly awaited news of a solution.
During this period, according to Mansion’s Knight Frank review, the sector displayed, “Highly attractive underlying characteristics” of appeal to institutional and international investors. In 2014 there were over £2 billion worth of transactions in the sector with the strongest investments coming from UK financial institutions, US Equity Houses and high net worth individuals. Knight Frank observed that values in the sector increased in 2014 and highlighted an underlying trend of rising value.
Kennedy said: “We are interested in the Mansion Portfolio. There are parts that could be suitable for the Coral Fund and others that would hold interest for our private investors with a different risk profile.”