Finance Life, the leading provider of innovative financial products for retirement planning and asset management, today announced a US based pension backed property scheme for Irish investors interested in alternative solutions to the traditional managed fund type pensions.
- €63million US Property Scheme to deliver individual property investment with commercial yield and dollar exposure
- New tax efficient investment opportunity at Fitzpatrick’s Hotel in Chicago opens to Irish investors
Finance Life, the leading provider of innovative financial products for retirement planning and asset management, today announced a US based pension backed property scheme for Irish investors interested in alternative solutions to the traditional managed fund type pensions.
Finance Life expects its 204 condominiums in Fitzpatrick’s Hotel on the ‘magnificent mile’ in Chicago to sell out quickly given the lower entry threshold of circa €100,000 in equity. The pension backed investment will also require a monthly contribution of €1,000 a month into the investor’s fund.
Being brought to the market by Finance Life, the property will be managed under a 20-year deal by the world renowned Fitzpatrick Hotel Group. Units will be approximately 350 sq ft and from $245,000 per unit. The project will complete in April 2006.
“Our ongoing objective is to develop and bring to market innovative investment opportunities in the pensions area,” said Éamonn McGrath, managing director of Finance Life. “With the launch of Fitzpatrick’s Hotel in Chicago, which has a lower entry level equity threshold, more Irish people will be able to consider investing.”
“Property is not for everyone but for those who feel comfortable with it, this is a very interesting opportunity,’ continued McGrath.
The property will be sold as property backed pension and non pension investments by Finance Life and Hibernian brokers around the country from 25 July 2005.
Commenting on the new product and the opportunities it offers investors, Hibernian’s pension development manager, Martin O’Hora said: “We are delighted to be able to add this new investment opportunity to our portfolio. These condominiums will provide a nice mix of individual property investment with commercial yield and dollar exposure for our brokers to offer their clients.”
KMS is acting as a property advisor on the project.
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Notes to editors:
About Finance Life
Finance Life is the leading provider of innovative financial products for retirement planning and asset management. Finance Life pioneered individual property based pension schemes with gearing as early as 2001 and is now the market leader in the field, holding over €200 million in property funds, pension & non pension under management. The company has developed, sold and managed over 250 apartments on behalf of its clients for investment and retirement planning to date. Operating in the US and Ireland, Finance Life will continue to develop and bring to market new opportunities in areas as diverse as Property, Energy and Technology. More information on Finance Life is available on www.financelife.ie.
About Hibernian
- Hibernian is part of the Aviva plc the fifth largest insurance group in Europe, and seventh globally (based on gross worldwide premia)
- Hibernian is Ireland’s largest composite insurer, ranked first for general insurance and third for life and pensions
- More information on Hibernian is available on www.hibernian.ie
About KMS
Keane Mahony Smith auctioneers and estate agents are one of the largest and most established property selling agents in the south of Ireland, specialising in quality residential and commercial property, farms and lands, coastal and country. The company prides itself on its "one to one" personal service for both vendors and customers. More information on KMS is available on www.kmsdublin.com.
About Fitzpatrick’s Hotel Group
The Fitzpatrick Hotel Group is a leading worldwide hospitality company. Its heritage can be traced to a small family-run business in Ireland. Today, The Fitzpatrick Hotel Group has properties in North America and Ireland. More information on The Fitzpatrick Hotel Group can be found on www.fitzpatrickhotels.com
For further information please contact:
On behalf of Finance Life - Niamh Lyons, Financial Dynamics
Tel: 01 66 33 602/ 087 774 5000