Brickowner to reopen secondary market and launch fund
Brickowner’s secondary market will reopen “early next year”, as the platform prepares to launch its own fund.
The property investment platform closed its secondary market last month in order to restructure the model.
In an update to investors, Brickowner said that investors wanted tax-efficient products alongside the firm’s existing investment opportunities. One of these products will be a fund.
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Fred Bristol, chief executive of Brickowner, told Peer2Peer Finance News that the secondary market will reopen again “once all of these changes have been made.”
“We would expect this to happen early next year,” he added.
Bristol also confirmed that the platform will launch its first fund within the first quarter of 2023, but said that a fixed date hasn’t been agreed yet.
“We are required to change the secondary market to make it dynamic to launch a fund,” Bristol explained.
“Our original market was at par so if you invested £1 you could only ever sell at £1 irrespective of whether the value was higher or lower. So we are updating this.”
Brickowner launched its secondary market in February 2021, enabling investors to buy and sell shares in property investments on the new marketplace.
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