Cretan Life Land Fund
The Cretan life land fund is a seven year growth fund, which will be investing in land in Crete, Greece.
Investments of at least £20,000 can be made either directly or via a pension scheme. When the fund is wound up, investors will receive all the growth in the fund up to the equibalent of a compound interest return of 6% p.a. (6.25%, 6.5% and 7.0% for investments over £50,000, £100,000 and £250,000 respectively) and 50% of any growth beyond that. The remaining additional return being paid, as a performance bonus, to the fund manager, Cretan Life Land General Partner Limited, it will only make any significant profit from the fund after the investors have been rewarded.
The fund manager is effectively controlled by Cretan Life, a Greek company that has been operating in Crete for 4 years. It has an office in Chania with 3 permanent staff. Its UK based chief executive Hughie Clarke-Williams spends approximately 5 months a year on the island and has been involved with the company since the outset. Cretan Life has been successfully buying sites, dividing them into plots and reselling them to produce a substancial return. In the process of doing this it has built up a network of competent local advisors and has a strong relationship with Piraeus Bank.
This knowledge and expertise will be available to the fund, whose strategy will be to purchase land and hold it as an investment for resale by the end of the fund's seven year life. Now is an especially good time for the fund to buy as it will be able to take advantage of distressed prices resulting from the Credit Crunch.
Hughie Clarke-Williams has pleged to invest personally in the fund.
As an additional incentive, if a fund investor wishes to buy a plot in Crete, from Cretan Life, not only will Cretan Life give them a 20% discount from its published price but it will also accept their fund investment, increased by the appropriate annual rate, for upto 50% of the purchase price. This option is only available to direct investments and not to investments in the fund made via SIPP/SSAS pension funds.
In summary an investment in the fund is about recognising that investing in land in Crete, via a management team with experience and a proven track record on the island, is a sound investment proposition.
if you have any questions please do not hesitate to give me a call on 07867502726
Acorn Corporate Finance Limited is acting exclusively as advisor to Cretan Life Land Fund in connection withe the Transaction and no other person in relation to the matter referred to in this letter and will not be responsible to any other person for providing the protections to their clients or for providing advice to any other person on the Transaction described in this letter.