Stellar looks to self-storage for income
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Stellar Asset Management has launched a fund that seeks a minimum annual income of 6% by investing in self-storage space facilities in the Midlands and northwest of England.
The Stellar Income fund is seeking to raise £1m to fund its first investment, with the maximum funds set at £10m. The fund will employ no gearing and is available to investors in tranches of £10,000.
According to the group, the fund will acquire facilities that are trading. It will exploit opportunities from overleveraged operators and banks looking to restructure because of market conditions.
The group says that the first facility to be acquired is in Newcastle-under-Lyme, Staffordshire. It says that the facility has traded for three years and generates the target yield of 6%.
Commission is available to intermediaries at 4% initial and 0.5% trial. The offer is open until June 30, 2009 unless it is fully subscribed earlier.
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