Launched by Orsini Property, the Jersey-based fund will focus on land investment opportunities in the ‘change of use’ or ‘rezoning’ phase of development, deemed to be the most profitable stage in their development cycles, before then selling on to a developer.
It will target land administered by local councils in the South East that do not have a five-year housing supply, which means these sites have the potential to push through the planning process more quickly.
The base portfolio is planning to invest 20% in opportunities between one and three years, 30% in medium term of three to six years and 50% in investments with a longer time horizon, of between four and eight years.
The fund will be managed by Joanne Luce, managing director of Aqua Fund Services and Stephen Morgan, who has 20 years’ experience in the offshore financial services sector, including directorships at a number of real estate and private equity funds.
Desperate nation
Luce said: “The nation is in desperate need of new housing. In 2004, nearly 60% of 25-34 years olds were owner occupiers and now it’s just over a third.
“With the pressure mounting to build new homes, demand for land will increase. We believe the experience of our team means we are well positioned to capitalise on this opportunity – particularly in the South East.”
Orsini Property Promotions will distribute the fund. Orsini is led by Graeme Boiardini, responsible for ensuring planning gains are structured in the most tax-efficient manner, utilising suitable approved, low-risk holding vehicles.
Investment adviser to the fund is Lightwood Planning, a subsidiary of Lightwood – a strategic land consultancy group working with developers and planning agencies on large-scale planning projects in the UK.
The fund is an unregulated, eligible investors fund domiciled in Jersey. Targeting the high net worth private client or institutional investor, it has a $1m (£662,000, €935,000) minimum investment or currency equivalent.
