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February 8, 2010
Candy and Candy Property Growth Fund Shelved
The Candy Brothers hyped Property Growth Fund has been shelved apparently due to a sharp rise in values wiped out the potential for opportunistic buying.
They had been marketing an investment vehicle that was to have bought properties in central London, including from their own sites. They had hoped to raise £50m of equity, taking the fund to about £100m including debt. They were seeking a London listing for the fund to ensure liquidity for investors.
The Candy Brothers reached record prices in the boom times, but can they still achieve these prices in the downturn. They were renowned for outbidding their competitors as no one could achieve their sales prices. Perhaps it was felt that the investors have lost their appetite for such bullish tactics.