Property syndicate raise double expected figure

ALMOST €20 million has been raised for a German property syndicate, double what was originally expected by the organisers — Cork-based accountants Crowley and McCarthy.

When combined with bank finance, this will provide the syndicate with purchasing power of over €50m.

The investment strategy is to purchase quality, pre-let commercial properties in the leading German cities.

Richard Kingston of Crowley and McCarthy said there is good value in German commercial property at present, with the prospect of uplift in valuations on a recovery in the German economy.

He reported a strong level of interest from investors in the syndicate throughout the country.

“Crowley and McCarthy, the syndicate managers, will invest the money in spring 2006, leveraging the firm’s well developed network of property contacts in Germany.

“Given the opportunities in the German market, and the investor interest in Ireland, it is likely the firm will launch another German property syndicate in 2006,” he added.

As well as this syndicate, the firm is active in acquiring property in Germany for individual private clients.

This is the first syndicate launched by Crowley and McCarthy and the minimum investment per individual is €100,000. An individual will pay a deposit of 30% of their total investment and the remaining is paid at the time of the closure of the property deal.