Evanridge closes first stage of third investment fund
Evanridge - 2012-07-01
Investors who spotted the potential in property investment funds launched by two Pembrokeshire dairy farmers are reaping the rewards of Sweden’s strong commercial and residential property markets.
While the economic downturn has hit the property sectors in the UK and other European countries, the decision by Evanridge Properties to invest in Sweden has been so successful that it has just closed the first stage of its third investment fund.
The fund’s principals and portfolio managers, dairy farmers, Bill Ridge and Nigel Evans, and tax expert, Huw Evans, met existing and future investors at a meeting in Carmarthen to discuss progress being made in the first two funds – now worth £18 million – and future opportunities for investment in the third fund.
Nigel, who farms near Haverfordwest and has invested his own capital in Evanridge, said Sweden continued to offer the potential to deliver attractive investment returns for the foreseeable future. “It has a thriving economy, the property offers good investment value and it still has a shortage of housing giving it a strong and stable outlook going forward,’’ he said.
“The biggest reassurance should be that all the team at Evanridge are significant investors. Bill and I are still dairy farmers and this gives us a unique perspective and keeps us well-grounded.’’
In Sweden, 65% of the population rents, or lives in co-operatively owned apartments. Regulated rents combined with rising construction costs has minimised residential development, leaving property in short supply.
Since Evanridge Properties opened its third fund to investors, it has raised £2 million and the Evanridge team has completed on its first portfolio for the fund, a mixed residential and commercial portfolio in the Swedish city of Uddevella.
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Nigel Evans and Bill Ridge say Sweden continues to offer potential to deliver attractive investment returns.