The Fund will aim to buy ski chalets in the Haute Savoie region of the French Alps, part of the famous Portes du Soleil ski area. The total value of Properties will be circa £6m-£8m (depending upon the equity raised), and will be acquired with the help of limited recourse lending. All Properties will be pre-let and rental income will be used to pay interest and capital repayments, (where possible), management charges, fund expenses and any income tax. The Properties that will be targeted will be fully catered commercial properties with a minimum of 8/10 bedrooms. The Fund will acquire either, purpose built properties (less than 10 years old) or older property that will be suitable for refurbishment. The Fund may also acquire land and enter into a development contract to build ski chalets that meet the profile set for the Fund. The aim of the Fund will be to produce capital growth whilst paying down debt where possible. The Fund will hold the assets for a minimum of 5 years and a maximum of 10, and will look for the optimum time to sell the portfolio within these timeframes.
