Fletcher King Regulatory News (FLK)

8 Nov 2006 07:01

Fletcher King PLC08 November 2006 PRESS RELEASE8th November 2006 FLETCHER KING LAUNCHES NEW PROPERTY FUND Stratton House Investment Properties Limited Partnership - SHIPS 06 Following on from the success of its property investment syndicates, SHIPS1 andSHIPS 04 which have generated an overall annual return on equity of 30% and 20%respectively, Fletcher King Plc ("Fletcher King") is pleased to announce thelaunch of its new investment properties Limited Partnership, SHIPS 06. An unregulated fund, SHIPS 06 will be a geared, 5 year term commercial propertyinvestment fund focussed on capital growth with a targeted overall return onequity of 10-12% per annum. This performance will be achieved by investing incity centre offices and multi-let industrial estates throughout the UK withadded value opportunities. SHIPS 06 will not have the high front end chargesfrequently associated with unitised investment structures. Fletcher King's initial fund raising target is £15 million plus. With up to 75%gearing loan-to-value, this will provide SHIPS 06's investment manager with £50million to invest. Established as a Limited Partnership, SHIPS 06 will be tax transparent, withlimited liability and will be fully SIPP compliant. It will also be suitable foron or off shore high net worth individuals, charities and companies. Unlike manyother such funds, Fletcher King is backing its own judgment and the company, itsdirectors and associates will be investing £750,000 in SHIPS 06. Commenting on the launch, David Fletcher, chairman of Fletcher King, said: "SHIPS 06 gives investors the opportunity to participate in a geared,diversified, UK commercial property portfolio focussed on capital growth and ofa size that individual investors may find difficult to form themselves. FletcherKing has the experience and the track record to deliver the indicative returnsand, as both the company and its directors are investing in SHIPS 06, is highlyincentivised to do so." END For further information, please call: David Fletcher/Richard Goode, Fletcher King +44 (0)20 7493 8400Christopher Joll/Alice Proctor, MJ2 +44 (0)20 7491 7776 This information is provided by RNS The company news service from the London Stock Exchange