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UK Market Timing UK sales and purchases against average UK property yields:
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History
Prior to the establishment of FPAM in 2002, the Group proved its track record to third party investors by investing its own equity into direct property investments in the United Kingdom, a continuation of the business activities of founder and CEO, Ben Habib, since 1994. Click here to see the track record of these early direct investments. The Group has maintained a policy of co-investment since then.
Investors in its first three funds, which were entirely invested in the UK, earned an average IRR over the lives of these funds of 23.0%, net after all fees and expenses.
By the end of 2004, commercial property yields had narrowed to close to the cost of debt finance, such that the spread between the two had all but disappeared. This situation first manifested itself in late 2004 but persisted into 2005 to the degree that FPAM felt unable to continue further investment in the UK. It therefore recommended to its fund shareholders that they cease all UK investment activity. FPAM completed its sell program of UK assets by mid 2007.
In 2009, following widespread price falls in the wake of the credit crunch, FPAM returned to the UK, followed by the establishment of a new commercial property fund, UK Pension Property Portfolio LP (UK PPP), in February 2010. It is now seeking investors for a new UK fund, Fprop Sterling Income Fund (FSIF).
Notes from Graph:
Where no number is provided only one property was transacted
Average UK yields are the average of prime and secondary office and retail yields (source = CBRE).
UPDATE: This graph was updated 09-January-2011
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