Sunday Express - 05 October 2008
Property fund PINE poised for further growth
Property fund PINE poised for further growth
Children's nurseries property fund PINE is poised for a £50 million expansion as demand for childcare remains undented by the economic slowdown.
PINE has appointed property experts Savills to raise up to £50 million in fresh equity so the fund can snap up dozens more nursery sites.
PINE partner Harry Hyman said the sector was relatively resilient due to a need for childcare.
"Lifestyle changes mean there are more families where both parents have to work" he said.
The Jersey-based unit trust currently owns more than 40 properties worth approximately £50 million.
It operates a sale and leaseback model which means it buys properties from nursery companies who then become tenants but have cash freed.
