REPORTS: Open Funds, Press Release Dec 2016
Zurich / London 21 December 2016
PRESS RELEASE – for immediate release
Luxx London Investment (‘Luxx’) and OpenFunds Investment Services (‘OpenFunds’), announced today that they have completed a final closing for The London Heritage Fund (the ‘Fund’) with total investor commitments of 33.45m GBP.
Luxx, the property adviser, and OpenFunds, the exclusive global distributor of Luxx, today announced the successful final closing of The London Heritage Fund, the first closed-end real estate investment fund advised by Luxx. With a focus only on Prime Central London, the fund’s strategy is the conversion of (mainly) period buildings utilised today as offices into residential units. The Fund received commitments from a diverse group of institutional investors including supranational and institutional investors from the Middle East and family offices and high net worth individuals from the Middle East, Switzerland, and Italy.
Following the acquisition of the Notting Hill Gate property during Q3 2016, the Fund is in the process to acquiring two more buildings. The total number of buildings it envisages to buy is 4 and each property will have a construction/refurbishment period of 18 month. The Fund is already in negotiation with parties interested to acquire the refurbished Notting Hill Gate property.
Luigi Becherini, CEO of Luxx said “London is without any doubt one of the most sought after locations globally and the residential market in Prime Central London continues to be resilient to exogeneous factors. The strategy of the Fund has nevertheless adapted to the Brexit aftermath whereby we will build and sell luxury flats with sale prices ranging between £1m–2.5m. This segment of the market continues to be the “sweet spot” attracting a large audience of both cash and mortgage buyers from within the UK and Europe, the Middle East, Russia and Asia.”
Wolfgang Landl, co-Founder and Board Member of OpenFunds added “We are very pleased with the result and once again OpenFunds and its partners have demonstrated their ability in helping a first-time fund raising equity. Luxx has been an amazing partner and the investors have appreciated their long and successful track record. The strong support we received from institutional investors and large family offices from Switzerland and the Middle East has been tremendous and they honour the efforts of OpenFunds and its partners. We look forward to continuing our successful relationship.”
About Luxx:
Luxx London Investment is an independent property adviser specialising in the conversion of office space into residential space in Prime Central London. The company principals have been active since 1992 in London and in Scotland acquiring historical properties – mainly used as offices – and converting them to residential use, developing a unique approach of heritage building conversion. Read more at: www.luxxlondoninvestment.com.
About OpenFunds:
OpenFunds Investment Services AG is an independent company established under Swiss law, licensed and supervised by the Swiss Financial Market Supervisory Authority (‘FINMA’) as legal representative and as distributor of foreign collective investment schemes for qualified investors. Read more at: www.open-funds.ch.
For additional information:
Sharon Campbell, CFO, Luxx London Investment, sharoncampbell@luxxlondoninvestment.com, Telephone: +44 (0)203 7139869 or Annalisa Pollini, Sales Support, OpenFunds Investment Services AG, apollini@open-funds.ch, Telephone: +41 44 500 31 08
The information set for herein should not be construed as an investment recommendation. This announcement does not constitute an offer to sell or a solicitation of an offer to buy securities in the United States. Interests in the Fund have not been registered under the Securities Act of 1933, as amended, or any U.S. state securities law, and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements.