Property development and investment group, Convivia, has announced plans to raise £16 million over the next year with the launch of its first investment fund.
Issued under its fundraising arm, Convivia Capital Management, the new investment fund enables high-net-worth and sophisticated investors to place a minimum investment of £2,000 into a secured, three-year fixed interest bond.
Providing returns of up to 6%, the Convivia Capital Management fixed interest bond is eligible for direct investment and investment through an IFISA.
Once the money is raised, the fund will be used to create an asset portfolio over the next three years ‘through the acquisition and development of high-specification apart-hotels and social developments in key regions across the UK’.
Inspired by the Latin ‘Convivo’, meaning to ‘live at the same time’, Convivia was founded by Roy Ledgister, a successful barrister and entrepreneur who boasts extensive experience in the development of a successful social housing property portfolio. He previously turned a £50 million investment into £165 million worth of assets in just five years.
In order to focus on refining the Opco and Propco model, Ledgister founded the Convivia brand in 2017 to develop more luxurious properties on an improved and low-risk investment model.
The group is now backed by an experienced board of directors and the first Convivia Capital Management fund launched last week (September 9 2020) and has already received interest from investors UK-wide.
“Convivia was founded to create a solid property investment portfolio underpinned by a spirit of conviviality and centred around experiential living,” Ledgister said. “With ambitious plans to challenge conventional thinking and create an extensive asset portfolio within just three years, we are delighted to announce the launch of the first Convivia Capital Management investment fund, offering secure, fixed interest bonds.”
“Aside from offering projected returns of 6%, investors are able to hold the bonds through an ISA and can transfer existing ISA cash balances, allowing them to benefit from any potential tax-free income.”
The launch of the Convivia Capital Management fund comes just weeks after the property development and investment group revealed it was on track to unveil its first apart-hotel in Torquay in 2021, made up of 42 generously-sized, high specification one and two-bedroom apartments; together with the acquisition of a substantial scheme in the heart of Liverpool City Centre.
With a focused end-to-end solution of acquiring, developing, operating and managing the entire portfolio in-house, Convivia aims to reach a GDV of £130 million by the close of 2022.
We previously reported on the plans for the high-spec apart-hotel in Torquay, named Halcyon and within walking distance of the famous old seaside town’s marina. Full of faded grandeur and excellent fish and chip shops, Torquay is probably best known for its starring role in the 1970s BBC sitcom Fawlty Towers – and the farcical, chaotic situations irascible Basil, domineering Sybil, put-upon Polly and lovable (but forever being hit) Manuel get swept up in while trying to manage and run a hotel.
This post has originally been featured in Property Investor Today.