The Charles Street French Property Fund is a closed-end investment company incorporated in the British Virgin Islands on October 6, 1997. The Fund has been established by Charles Street Capital Limited, a company incorporated in the UK in April 1996 and will primarily invest in French real estate.
The objective of the Fund is to take advantage of the currently low property values in France and to maximise both investment and rental yields within a five year investment period.
The Fund is structured to reduce the impact of French taxes, and to provide an appropriate framework for investors to benefit from investment opportunities. Charles Street Capital has appointed two property experts to advise the Fund. The two, Phillipe Smadja of Groupe Dimension SA and Alain Meglio of Groupe Capitola, have worked together on a number of recent real estate projects in France and have had five years of success in investing in the French property sector despite the recent economic slump.
The issue is being introduced for listing under the restricted marketing provisions of The BSX, meaning that shares may be distributed to Qualified Investors only and may not be traded in lots with an initial value of less than U.S. $100,000.
"The BSX is pleased to list The Charles Street French Property Fund," said Mr. William Woods, Chief Executive Officer of The BSX. "The BSX lists funds with a wide range of objectives, from real estate, such as The Charles Street Fund, to emerging market debt and equity products."
A statement from Charles Street Capital Limited said, "We believe that the launch of this Fund will provide the opportunity for good returns from investment in French property. The BSX through its professional, flexible approach to listing requirements, has provided Charles Street Capital Ltd, a recently established up and coming London based fund management company with the opportunity to bring an alternative investment vehicle to a broad based market."
The listing of the Fund was sponsored by Bermuda International Securities Limited, a subsidiary of The Bank of Bermuda in Hamilton, Bermuda.
For further information on the Charles Street French Property Fund shares please contact Lydia
Parrington at Charles Street Capital Limited, Tel: 44-171-647-1456 or by fax on 44-171-495- 4046.
For additional information on The BSX, please call Robin H. McPhee, 441-292-7212 or e-mail
info@bsx.com, or visit The BSX Web site at www.bsx.com.