Future Capital Partners (“FCP”), the £6 billion alternative investment boutique, has appointed three senior investment professionals to its growing real estate team.
The new hires will join up with FCP’s experienced real estate team, led by Peter Young. The team is responsible for managing the investment partnerships for the firm’s £150 million luxury real estate development in Budva, Montenegro, as well as a number of landmark UK real estate developments that FCP have planned for the next 12 months.
The new appointments include Elodie George, Tim Mycock and Aysha Banks. They will add a wealth of experience across the real estate, structured finance and corporate tax arenas, to the expertise of FCP’s existing management team.
Elodie George, Manager, Real Estate – is responsible for the development and execution of existing and new investment opportunities. Prior to FCP, she gained five years of experience in the real estate sector through property investment at Alpha Real Capital and property debt management at Hatfield Philips International. Elodie also gained direct experience of the hotel industry with two years as European Financial Analyst for Le Méridien Hotels & Resorts.
Tim Mycock, Manager, Structured Finance – is responsible for the development and execution of existing and new real estate investment opportunities. Before joining FCP, he gained four years of real estate experience at CLP Structured Finance and more latterly Red Chilli Structured Finance. Tim has an extensive knowledge of both UK and overseas real estate for both property development and investment having completed structured finance transactions worldwide.
Aysha Banks, Associate, Real Estate – assists in the development and execution of real estate investment products. Aysha has over four years experience in Corporate Tax at PricewaterhouseCoopers and Ernst & Young in Australia. Aysha has also gained valuable tax experience in the European commercial property sector working for Tishman Speyer in London over a two year period.
The Montenegro project, initially launched to investors last year, is funding the construction of a 5-star luxury hotel development in the coastal resort of Budva. The project has raised seed equity of £25 million through UK wealth managers, high-end IFA’s and private banks since being launched last year. FCP expect to raise a further £5 million during this round of capital raising for the project with debt capital expected to be raised by June 2011.
The investment is only suitable for real estate, construction or finance professionals capable of participating actively in the project. The investment opportunity is divided into two Partnerships, Aragon Real Estate Partners and Odyssey Real Estate Partners. Aragon is open to corporate entities, while Odyssey will target high-net worth individuals.
The minimum investment is £250,000 and there is a target return of between 200% and 300% over the four year expected life of the partnership. This will be derived from the sale of the luxury residential units and under a hotel operating contract with a world famous hotel group, who will manage the development once construction is complete.
Montenegro, on the Adriatic Coast, is one of the fastest growing tourism destinations worldwide and is set to become a hot-spot for luxury tourism developers. The scheme will comprise a luxury apartment complex, five-star hotel and exhibition centre, will include about 100 metres of prime beach front, and is set to be the first development on the seafront of the spectacular bay of Budva. The resort is only a 15 minute drive from Tivat International Airport and is located only 90 minutes from Dubrovnik in the South of Croatia.
Construction work on the development is expected to commence in the third quarter of 2011 and will be completed by late 2013.
Tim Levy, CEO at Future Capital Partners said: “In Elodie, Tim and Aysha, we have made three strong additions to an already top class team. The Montenegro project has proved to be an extremely popular investment opportunity among our investors, and the experience and expertise of our real estate team in managing this project is one of the main reasons for that. Elodie, Tim and Aysha will help the team continue this success as we prepare for the investor interest the new partnerships will generate.”
Future Capital Partners specialises in alternative investments such as renewable energy, real estate, healthcare and media & entertainment. Future Capital Partners has completed transactions and made investments worth in excess of £6 billion since 2000 and has executed over 500 asset finance transactions.
The firm’s current product offerings include Dean Street Productions, which provides production services in relation to upcoming Hollywood blockbuster movies produced by premiere independent film companies, including the recently released Iron Man II; and Future Fuels, funding the construction of a wheat-to-bio-ethanol plant in the UK.