Evanridge Sweden 3 AB
We have a new brochure outlining our offering – Invest in a carefully selected, directly managed, portfolio of Swedish properties – with a target return of 12.20% pa.
Evanridge are very pleased to announce the release of their latest investment opportunity– an offering of shares in Evanridge Sweden 3 AB (publ), a company incorporated in Sweden. This offering has been structured differently from the predecessor Evanridge funds due to recent legislative changes, but the underlying investment philosophy and objective remains unchanged, namely to provide investors with an attractive rate of return from an investment in carefully selected, pre-let property portfolios in Sweden. The offer is only directed at certain categories of investor, please see important note below.
Key features:
- Target IRR of 12.20% p.a. assuming an illustrative 7 year term.
- At the target IRR of 12.20% p.a., a £100,000 investment would grow to £223,849 net of all costs after 7 years.
- Target fund equity size £5 million (maximum £10 million) by way of subscription for ordinary Shares in the Company
- Minimum investment £50,000, or, if greater during the period of offer, the £ Sterling equivalent of 50,000 Euros. Joint applications for shareholdings will be accepted.
- Suitable for SIPPs and SASSs.
- First close 31st March 2010.
- Applications for shares are being accepted on an ongoing basis throughout 2011.
Current Portfolio
The Board of Evanridge Sweden 3AB are very pleased to report that on September 28th they completed on the purchase of a Swedish property holding company known as Intrenact AB. This represents the first acquisition for Evanridge Sweden 3AB since its first close in September 2010, and in the Board’s opinion will provide an excellent base from which to grow the company.
The Intrenact AB portfolio comprises 7 buildings, all located within the town of Uddevalla, which is located on the Swedish West Coast just north of Gothenburg. The town sits at the head of a fjord, with extensive port facilities and is connected to the main E6 European Highway, and also has excellent international rail connections. Its current population is approximately 50,000 people, which continues to grow steadily at 2% p.a.
The portfolio of 7 buildings is spread across 4 locations, 3 of which are within the city centre, and the buildings include a mix of apartments and commercial buildings as follows:
Krummedike 8
Consists of 3 adjoining buildings situated on the town square.
18 Apartments
1 Bank (Danske Bank)
2 Shops + 1 Cafe
Bagge 8
Retail and Office building on main the shopping street
SEB Bank as anchor tenant
3 shops
Silverlod 4
32 Apartments (city centre)
Underground parking
A retail IT Centre (Ricoh)
KURÖD 4:88
An industrial building in a good location in a dedicated industrial park
Excellent condition
Single Company tenant
Fully repairing and insuring lease
Note that an expression of interest in purchasing this building has already been received and may be considered.
The purchase price of the portfolio was 95 M SEK (approximately £9.1 million) and represents a purchase at a yield of 6.8%.
Bank finance for the acquisition was provided by Danske Bank and part of the finance package included the continuation of some existing loans within the company structure. Interest rate was Stibor (currently 2.5%) plus a margin of 1.7% giving a total interest cost of 4.2% on the new loan.
The investment strategy will be to use the portfolio cashflow to amortise debt whilst increasing the rental income through active management, and a number of opportunities to lift rental streams have already been identified.
Should you have any queries regarding this acquisition or any other matters pertaining to ES 3 AB, then please don’t hesitate to get in touch with one of our directors – details below.
Second Close of Evanridge Sweden 3 AB
Evanridge Properties LLP are pleased to report that a second close of Evanridge Sweden 3 AB took place in December 2010, with a further issue of shares to investors. The company is accepting applications for shares on an ongoing basis throughout 2011 – please visit the website regularly to check for updates regarding future closes, or alternatively please contact a member of the Evanridge team to discuss in greater detail.
Successful first close for Evanridge Sweden 3 AB
Evanridge Properties LLP are pleased to announce that the first close of Evanridge Sweden 3AB took place in Stockholm on June 8th 2010. There will be further opportunities to invest as the company will be accepting new applications for shares during autumn 2010. Please visit the website regularly to check for updates regarding future closes, and should you have any queries regarding this opportunity in the meantime please contact a member of the Evanridge team to discuss
Evanridge Sweden 3 AB (publ): An opportunity to invest in Swedish property
Important note
The offer is directed only to those categories of investor (and their advisers) in the United Kingdom to whom promotion of shares in the Fund may lawfully be directed in accordance with the FSMA 2000 (Financial Promotion) Order 2005 (“FPO”). Broadly, this includes
- persons receiving this Memorandum outside the UK (subject always to local law); or
- persons who have professional experience in participating in investments including unquoted investments of the kind to which the Investment Memorandum relates;
- any “certified sophisticated investor” as defined under paragraph 50 of the FPO who has a current certificate from an FSA authorised and regulated person;
- persons who qualify as “certified high net worth individuals”;
- persons who qualify as high net worth companies, unincorporated associations, partnerships or trustees of high value trusts (including in the latter case occupational pension schemes) within the meaning of paragraph 49 of the FPO;
- persons who qualify as “self-certified sophisticated investors” within the meaning of paragraph 50A of the FPO;
- any other persons to whom communications relating to unregulated collective investment schemes may otherwise lawfully be made pursuant to the FPO.
Should you have any queries or wish to discuss any aspect of the investment further, please contact Nigel Evans at nigel@evanridge.net or telephone 029 2125 1275.
Evanridge Property Partnerships
Evanridge Property Partnerships are Unregulated Collective Investment Schemes and as such any queries regarding the suitability of this collective investment for your investment purposes must be addressed to an FSA regulated adviser as Evanridge Properties cannot advise on the suitability of an investment in an Evanridge Property Partnership on your behalf.
Evanridge Properties is not authorised by the Financial Services Authority to distribute promotional material to persons other than those who are ‘qualified’ under the Financial Markets and Services Act 2000 (Promotion of Collective Investment Schemes) (Exemptions) Order 2001, as amended. These exemptions include certified Sophisticated or High Net worth Investors and Investment Professionals, such as financial advisers.
Investors interested in receiving promotional literature on Evanridge Property Partnerships will need to supply Evanridge Properties with a copy of their Sophisticated or High Net Worth Investor certificate, or ask their FSA authorised financial adviser to contact Evanridge Properties on their behalf.
If you can confirm that you are an eligible investor or advisor in accordance with the above criteria and would like to receive a copy of the Investment Memorandum, please fill in the form below.