Cynergy Bank launches £500mn fund targeting property entrepreneurs during Brexit
The UK’s Cynergy Bank is launching a £500mn (US$649mn) fund, aiming to help property entrepreneurs during the UK’s departure from the European Union (EU).
The fund, titled the Property Entrepreneur Fund, is targeting entrepreneurs who are seeking medium to long term business.
“The deal that Britain eventually strikes with the EU is unlikely to end the uncertainty in the property market,” stated Nick Fahy, CEO of Cynergy Bank.
“Our customers tell us they expect to see continued downward pressure on property prices for some time, but they also tell us they’re impatient to start investing again.”
“We’ve launched this fund now, because we’ve seen an upturn in drawdowns from property investing clients – showing that they are no longer waiting for Brexit clarity to invest.”
“We already support thousands of property developers and landlords and this new fund is targeted at property entrepreneurs looking to expand and diversify their portfolios.”
This includes the student accommodation sector which is structurally undersupplied in many parts of the UK. The situation is likely to deteriorate further with universities becoming increasingly reliant on overseas students at a time when the UK is becoming more affordable given the weakness of sterling.
“This creates new opportunities for private landlords, especially in smaller university locations which are less attractive to purpose-built providers.”
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