Sun, Aug 2, 2015
A A A
Welcome Guest
Free Trial RSS
Get FREE trial access to our award winning publications
Industry Updates

Emco launches alternative fund investing in late night licensed venues

Monday, November 26, 2012
Opalesque Industry Update - EMCO Capital Advisers is launching a Cayman registered alternative investment fund focused on investment in late night licensed venues in the UK. The Fund is aiming for exceptional returns to investors over a rolling two-year cycle.

EMCO Alternative Property Fund has been structured to achieve principally capital growth and some additional return from income via a portfolio of freehold entertainment venues in three ways:

1) Capital growth arising from the relicensing of premises whose license has been lost or withdrawn

2) Income arising from the granting of operating leases to EMCO Leisure Ltd (the Venue Operator) which will operate the venues

3) Capital growth arising from attaining ‘change of use’ permissions on premises, for example planning permission for conversion to residential property. This third element also provides investors with a key risk management function in the event that having an entertainment venue is not attractive to a potential purchaser

4) Unless there are exceptional circumstances, each venue within the portfolio will be sold, either by private contract, or via trade sale or other means towards the end of the a two-year period

The Fund’s trading advisers are concentrating on building the investment portfolio from premises usually outside London which, after substantial due diligence and financial modelling are found to share the following characteristics:

  • Freehold
  • Frequently distressed – for example in want of refurbishment, running at a loss, having no operating license – and thus buyable at a substantial discount to book value
  • Likely to benefit from significant and immediate capital value increase on granting of an operating license
  • Likely to benefit from significant and immediate capital value increase on granting of change of use permission
  • Capable of generating useful income as a venue based on Adviser’s proprietary analytical model and considerable experience of running entertainment venues
  • Susceptible to longer-term capital value increase arising from the operation of a successful and popular entertainment venue

Press release

bc

What do you think?

   Use "anonymous" as my name    |   Alert me via email on new comments   |   
Today's Exclusives Today's Other Voices More Exclusives
Previous Opalesque Exclusives                                  
More Other Voices
Previous Other Voices                                               
Access Alternative Market Briefing


  • Top Forwarded
  • Top Tracked
  • Top Searched
  1. Opalesque Exclusive: Despite bumpy June/July, CTAs hold on[more]

    Bailey McCann, Opalesque New York: To say that things have been rocky in managed futures recently is putting it mildly. In June, the industry saw its worst month on a performance basis in the past four years. Then yesterday,

  2. Investing - Hedge fund billionaires bet on London as revival gathers pace[more]

    From Bloomberg.com: London’s fund industry is bouncing back, and U.S. billionaires Steven A. Cohen and Ken Griffin are grabbing a piece of the action. Griffin’s Citadel and Millennium Management, a hedge fund run by Israel Englander, have bulked up in London, where asset growth is outpacing the U.S.

  3. Other Voices: Same day reporting and the evolving role of fund administrators[more]

    By: Scott Price, Head of Business Development and Client Management for North America, Maitland Ernst & Young’s latest glob

  4. Cowen Group, Inc. to acquire Conifer Securities[more]

    Cowen Group, Inc. and Conifer Securities, LLC had announced the signing of a definitive agreement under which Cowen will acquire Conifer Securities, the prime services division of Conifer Financial Services LLC. The transaction, the terms of which have not yet been disclosed, was approved by the boa

  5. Cargill’s Black River Asset to shut down four hedge funds[more]

    Komfie Manalo, Opalesque Asia: Cargill Inc.’s $7.4 billion Black River Asset Management said it was closing four hedge funds with a combined $ 1 billion in assets and start returning investors money over the next several months, various media said. The hedge funds represent 15% of Black River’

 

banner