The number of Britons who plan to buy properties abroad is set to double, according to research released by today by Barclays.

Some 5% of people questioned by the bank already own a home abroad, while a further 5% said they would “definitely” buy a property overseas in the future.

In addition, 37% of respondents said they were “considering a purchase abroad”.

But while people are attracted to the idea of buying overseas, the survey revealed there are some practical concerns they need to address.

Over half (58%) of those who are considering a purchase said they were concerned about local legal or tax issues; 17% were worried about the security of an empty property; and 8% feared they might be overcharged by the seller.

A further 14% were worried that they did not know the local language well enough to arrange the deal.

Among those questioned, Spain (including the Balearics and Canary Islands) was the most popular location for a second home, with 30% of potential buyers naming it as their preferred destination.

Perhaps surprisingly, the US was second on the list, favoured by 15% of Britons, while 14% said they wanted to buy in France.

Some 9% of those asked said they didn’t yet know where they wanted to buy.

“The trend towards owning property abroad shows no sign of abating and could go through the roof if people were more confident of a hassle-free purchase,” said Suzanne Clay, head of European business development at Barclays.

Speculating on reasons for the surge in interest in overseas property, Ms Clay said: “Many people buying a second home overseas are likely to use it for holiday purposes, but are not averse to letting the property out to help with mortgage repayments.”

“They might also be looking at it as a place to retire to,” she added. “To others, this may be a significant step towards moving overseas permanently.”

The popularity of second homes abroad has risen in recent years, according to figures released by the Office for National Statistics in June.

They revealed that between 2002-03 and 2003-04 the number of British families who owned a second property overseas increased by 20% to reach a quarter of a million.

Source: Guardian Unlimited

People should think very carefully before placing their incomes in retirement at the mercy of the buy-to-let property market, warns the Actuarial Profession.

The warning comes as product providers gear up to for changes to the rules for Self-Invested Personal Pension Plans (SIPPs). From 6 April 2006 SIPPs may, for the first time, invest directly in residential property. This may at first sight appear to offer an attractive income and capital tax shelter for buy-to-let properties inside a pensions wrapper.

But the Actuarial Profession cautioned that there are a number of reasons why residential property may not be suitable for many peoples’ pension investments prior to retirement, or for a fund which is being drawn down in order to provide an income:

The initial outlay is likely to be substantial in relation to the existing savings. Existing property cannot be injected directly into a pension fund, and investors should consider the cost of rearranging existing pension investments, and the balance of their revised portfolio.

Savers are permitted to borrow part of the cost of the property, leading to an element of gearing which increases the overall level of risk, especially if interest rates were to rise

Most people need to draw their pensions as soon as they retire, and may have little discretion about when this happens. If the property market is not performing well at that time, a forced sale may be required at a relatively low price

Overseas property investments may be subject to local legislation that inhibits dealing with them, and in some circumstances they may prove extremely difficult to sell.

Residential property can be a volatile investment. Rental income (which cannot be guaranteed) represents a large part of the return, and letting voids and/or marketing costs can quickly erode estimates of rental returns. Properties come in relatively large units and cannot be subdivided; and the property cycle (the period over which values rise and fall) is very long; all one’s eggs are in one basket.

Uncertainty over rental income is especially risky if the property is retained after retirement as part of a “draw down” arrangement, and the investor relies upon the income to fund his or her pension.

Only more financially-secure investors, such as those who already own a buy to let property and who wish to ensure that future rises in value are free from CGT, or those who have large existing pension funds and who perceive property to offer high returns for acceptable risk, should consider buy-to-let property.

Alan Goodman, Chairman of the Financial Consumer Support Committee of the Profession, commented: “There are just 150 days to go before the rules change and people may invest their pension funds in buy to let properties. We are sure some providers will be looking to cash in on this market with enterprising new investment vehicles.

“But people must not be seduced into buying them – even though house prices have rocketed and stock markets have slumped in the recent past. The value of houses, too, may fall as well as rise and the lack of liquidity that could arise from being a forced seller in a falling market could have very serious implications on an individual’s ultimate income in retirement.

“We have identified important reasons why people should think twice about putting all their pension eggs in one property basket. There may be a place for property within a diversified portfolio, but this is best achieved using a property fund rather than investing directly in bricks and mortar.

“In our view the vast majority of people should invest in pooled funds, rather than much riskier individual properties. We therefore urge everyone to consider very carefully whether residential property is a suitable investment for their pension funds and if so, ensure they get good independent financial advice before they go ahead.”

Source: Easier

Pension funds extended their gains to nine consecutive months in the second quarter of 2005, the longest unbroken period of gains since the mid-1990s, according to research company Russell/Mellon on Friday.

Funds classed in the pooled balanced category achieved a median positive return of 4.7 percent, led by strong performance in stock markets, it said.

Pooled pension funds hold assets on behalf of several pension portfolios and run them as a single pot.

“This recent run of positive performance also brings pension funds that bit closer to where they were before the bear run at the start of the decade,” Daniel Hall, Russell/Mellon’s publications and statistics manager, said in a note.

On one measure, a typical balanced fund — holding a mix of bonds, stocks, cash and other assets — would be worth about 98 percent of its asset value at the end of 1999, he said.

Positive returns were achieved across all major asset classes, with UK equities returning 5.0 percent and overseas stocks logging 6.7 percent gains. UK bonds recorded a return of 4.7 percent, and property returned. 4.5 percent.

Pension fund managers shifted out of domestic UK equities and bonds over the quarter, continuing a trend seen in recent years. UK equity weightings fell by 0.6 percent to 50.6 percent.


Scots lottery winners are the least likely to splurge after a big win, preferring instead to spend sensibly and invest the cash, a new survey has revealed.

The spend spend spend lifestyle is out, with most winners using the money to buy a new house or go on a nice holiday.

Almost a quarter of those surveyed said they would share their good luck with family and close friends, however 7% said they would not tell anyone about their big win.

The survey, for National Savings and Investments (NS&I), asked almost 1,500 Brits what they would spend a £1 million win on. Not one Scot said they would blow their win on flashy cars or designer clothes and jewellery, in fact 11% said they would not spend anything at all.

Half those surveyed said they would spend the money on a new house or car or a property abroad, while almost one in 10 said they would put it in secure savings and investments.

But while the Scots have a reputation for being tight-fisted they are more likely to give some of their win to charity than winners south of the border, with more than 80% saying they would give to a good cause.

Scotland has had a run of lottery luck in recent weeks. Last weekend Midlothian couple Alex and Sandra Fraser scooped the £8.5 million Lotto jackpot.

In keeping with the survey’s findings the couple said that they would be spending their win on a nice house, a car – and a box at their beloved Hibernian FC.

Just the week before the Frasers’ big win six distillery workers from Glasgow shared in a £15 million Lotto prize. The colleagues from Morrison Bowmore Distillers, each won a £2.5 million share of the jackpot.

But while the Frasers and the distillery workers went public with their big wins according to the NS&I survey most people (61%) would only tell family and close friends.

One in four winners would only tell their partner while 7% would not tell anyone at all, with men more likely than women to keep their good fortune a secret.

Enterprising Scots are also more likely to use some of the money to launch a business idea – with the majority naming their role model in terms of managing their money as billionaire entrepreneur Richard Branson.

Just 4% of Scots said they would model their spending on the Beckhams, almost a quarter chose to follow Harry Potter author JK Rowling’s example when it came to how to spend their riches

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THE property boom that has seen house prices in the UK double since 1998 is not unique. A decade of low interest rates has pushed up property values across the European Union.

Anyone who owns a holiday home in France or Spain will almost certainly have seen the value of their property shoot up dramatically in recent years, with double-digit rises in 2004 alone. You can add to this a further 37% over that period, as the euro has strengthened against the pound.

A recent report on European residential property from the Royal Institution of Chartered Surveyors (Rics) reveals that price rises in France had already reached double figures by 2003.

But in 2004 they raced ahead of the rest of Europe, with strong increases in the Paris area, as well as in the Mediterranean holiday regions.

‘The prices of existing housing rose by 16% over the year and new housing by an annual 10% in the first half of 2004,’ says the RICS report. ‘Prices have now been rising for eight years. Over that period, they have doubled nationally, with almost half of the increase occurring in the past three years.’

Spain, too, has continued to see big increases in property values, although many pundits had predicted a cooling off in 2004. Prices rose nationally by 17% during 2004 and, according to the RICS, ‘could be setting a world record’.

For property investors who want a holiday home where they can cover their costs by letting for part of the year, the big question is, will prices in France and Spain continue to rise? And, if not, where else can you buy that offers the possibility of capital growth?

‘France is a good barometer for the rest of Europe because of the wide diversity of properties and geographical areas,’ says Simon Conn, of international mortgage broker Conti Financial Services. ‘Demand for France is still strong. I thought it would be quieter in 2004, but it wasn’t.’

But are there bargains to be had elsewhere? Says Conn: ‘We are inundated with calls from UK buyers wanting property in Croatia and Bulgaria, but in both countries, particularly Croatia, there are problems with title [proving ownership of property or land].

‘Where we are actually doing the business is in Greece, particularly the islands, many of which have been demilitarised and foreigners can buy for the first time – and also in Cyprus, Crete, Corfu and Rhodes.’

This could be interesting for investors. Of all the EU countries, Greece was the only area where house prices fell last year – although by only 4% – having seen substantial increases in the run-up to the Athens Olympics.

Says Susan Clay, European business director for Barclays’ overseas mortgage operations: ‘We do a lot of overseas property exhibitions, and our experience is that Spain is still the number-one place for buying abroad. But France, Portugal and Italy are also still popular. Wherever the lowcost airlines go, the property buyers follow.’

Barclays has more than 700 branches that lend in euros to those who want to buy in these main holiday and retirement areas. She points out that £57bn of equity was taken out of UK property in 2003, much of which, she believes, found its way into homes abroad.

The interesting point here is that, like some other banks, Barclays will lend in euros, regardless of whether or not you have a euro income. Most lending is linked to Euribor, the European equivalent of bank base rate, which stands at about 2.33%, so borrowing in euros can prove relatively cheap.

Loans are between 0.75% and 1.7% above Euribor, giving a present pay rate of between 3.08% and 4.03%.

In Italy, Barclays will lend at fixed rates for 20 years at 5.6%, not as attractive as the variable rate, now at 3.4%. But remember, if you borrow in euros and the euro strengthens against the pound, your debt will increase in sterling terms.

But having seen property prices rise so spectacularly in Europe, could we soon be in for a fall? Not according to the RICS. ‘Overall, there does not seem to be a strong likelihood of a crash in any of Europe’s housing markets in 2005,’ says its report. ‘Greece may indicate that a soft landing is possible when interest rates and economic variables are relatively benign.’

Let’s hope the experts are right.

Source: Thisismoney

HUNDREDS of investors have lost millions of pounds after being duped by a string of property companies that promised to make them rich. In the first of a special two-part investigation, Financial Mail unravels the web and examines the companies that conned the public.

Kieran Connolly has done well out of misusing other people’s money. He drives a Jaguar and the house he rents is a grand affair. The Department of Trade & Industry has linked Connolly, 48, to several companies involved in bogus property deals. His wife Elizabeth, 31, has been linked to three companies.

The bungalow next to Connolly’s in the Leicestershire hamlet of John O’Gaunt, near Melton Mowbray, is home to Philip and Tina Waterfall, who have connections with five of the eight companies investigated by the DTI.

In three years, hundreds of investors handed over thousands of pounds in membership fees and deposits, expecting to receive a portfolio of buy-to-let properties. Most ended up with nothing.

Financial Mail this week focuses on the four companies most closely connected to Connolly.


QUICKSELL Estates was founded in 2002 in Peterborough, Cambridgeshire, with Connolly and his wife as its two directors. For £46.94 a month, investors were offered options to buy investment properties. Reservation fees were charged on each deal.

Quicksell advertised for investors and recruited those who attended courses run by Turningpoint Seminars and Portfolios of Distinction. Philip Waterfall, 41, was a founding director of Portfolios. His wife Tina, 38, was company secretary.

Glen Lawrence paid £4,000 to attend a Turningpoint course in 2002. Glen, 53, from Castle Bromwich, West Midlands, is married to Yvonne, who has multiple sclerosis. ‘I wanted a job at home to spend time with her,’ he says.

Glen and Yvonne, 48, paid seven £1,000 deposits on different properties. Glen says: ‘Not one of the deals was completed and we found the developers had not heard of us.’ The Lawrences have not had a penny of their £7,000 back.

In spring 2003, Quicksell was put into liquidation and Connolly was declared bankrupt.

Mansion Investments

CONNOLLY was soon promoting opportunities through Mansion Investments with Ian Jamieson, pictured below, a financial adviser in Newcastle-under-Lyme, Staffordshire.

David and Louise Wilson were among the investors. David, who runs a car repair business, and Louise, 27, a financial controller, wanted to create a letting portfolio. David, 39, from Stoke-on-Trent, Staffordshire, says: ‘Connolly promised to get me £1m worth of property.’ To help the Wilsons raise a £31,725 membership fee, Jamieson arranged a remortgage of their home, releasing £50,000 of equity.

The couple paid £3,160 in deposits to reserve properties in Manchester and Swindon and two in Northern Ireland. But the deals fell through or were delayed. They completed on a flat in Hampshire for £229,000, only to discover that the developer was selling them for £15,000 less.

Mansion Investments was formed in 2002 with engineer Barry Frost, 68, as sole director. In August 2003, Richard Smith took over. Both Smith and Frost were registered as directors from an address in Streatham, south London. This property was sold three months ago and Financial Mail has been unable to trace them.

Sterling Mansion (UK)

CONNOLLY and Jamieson, meanwhile, were expanding through the similar-sounding Mansion Investments-UK), founded in July 2003 with Jamieson as sole director. Customers of Mansion Investments were not told of the switch.

Mansion Investments (UK) and Mansion Investments had virtually identical stationery, shared premises, staff and customers, and marketed the same properties. Yet when investor David Wilson asked for his money back, Jamieson claimed the two firms were not linked.

Mansion Investments (UK) changed its name to Sterling Mansion (UK). It claimed falsely to be regulated by the Financial Services Authority and to be a member of independent financial adviser trade association IFAP.

Jamieson paid himself £200,000 in just 18 months at Sterling Mansion. As a bankrupt, Connolly could not take a big salary, but unconventional payments and ‘loans’ benefited Connolly and his associates.

Sterling Mansion went into liquidation in March. At a meeting, the liquidator stunned creditors by detailing payments such as school fees for Connolly’s children and £40,000 to cover credit card bills. Regular payments were made to Seal Properties, run by Tina Waterfall. These ‘loans’ totalled £651,000. The company completed on only 14 property sales.

SMI (Overseas)

LATE last year, Connolly moved to Sterling Mansion International, trading from Stamford, Lincolnshire. The founding directors were Tina and Philip Waterfall and within weeks the company’s name had changed, first to SMI Limited and then to SMI (Overseas) Ltd. Investors who inquired about Sterling Mansion were sold into SMI. Though his name was not on the paperwork, Connolly was in charge.

A former employee said: ‘Kieran and Liz Connolly did the hiring and approved letters sent out. Tina Waterfall was Kieran’s PA.’

The Waterfalls quit in November, and two months later Tony Nunn emerged as a director. Nunn was connected to Sterling Mansion, arranging international mortgages. He argues that SMI, backed by a mystery company in Belize, should continue trading. But questions have been raised about the company’s deals in Turkey and Spain. The DTI wants the business closed.

Connolly: ‘I’ve not got much to say’

FINANCIAL Mail caught up with Kieran Connolly as he arrived home in his Jaguar saloon. He denies wrongdoing. ‘I’ve not got much to say,’ he told us. ‘I don’t want to go into details until I lay documents before the court that will clear my name.’

Financial Mail hand-delivered a list of questions to Tina and Philip Waterfall and to Tony Nunn at SMI’s offices. They did not respond. Ian Jamieson claimed to be ‘liaising with the DTI’, but refused to discuss his role or answer questions.

The High Court wound up Sterling Mansion and Mansion Investments this month. Three related companies were also wound up. Portfolios of Distinction, Turningpoint Seminars and SMI (Overseas) are contesting winding-up orders. Hearings are due next month.

Source: thisismoney

BUY-TO-LET is back in the news, but for all the wrong reasons. This month, the Department of Trade and Industry shut down several schemes that promised “and failed” to make millionaires out of investors.

Rivals quickly moved to condemn the cowboys in their industry. Inside Track, one of the biggest companies in the business, went so far as to put forward its own four-point plan for regulating the property investment sector.

But against the background of a stagnating UK housing market, some property professionals are questioning the way that many of the remaining schemes operate.

Marketing material tends to be long on the potential to make money and short on the pitfalls. An Inside Track marketing leaflet tells you “how to make a million in property investment – even in a falling market”. The website of, an agent for overseas property aimed at UK investors, proclaims: “Buy-to-let and property investment. Maximum profit “minimum risk”

At the moment, such claims do not have to be substantiated, as they would if made by firms which came under the aegis of the Financial Services Authority. In fact, the Inside Track promotion’s boast that “last year we created over 200 property millionaires’ relates to the gross value of its investors’ property.” The company admits that the net value, after deducting the debt taken on to acquire the assets, would make their clients’ wealth look far more modest.

Ray Boulger, of John Charcol, the mortgage adviser, says that such claims are misleading. He says: “To be a property millionaire properly, you need to have net assets of £1 million. In the boom markets of three to four years ago, that was possible. In today’s quieter market, that is much harder.”

But the criticisms go much deeper than the promotional material. These buy-to-let companies typically aim to negotiate special deals with developers of flats or houses. In return for tying up the sale of a large chunk of a new development in advance, the agent will obtain a “discount” on the purchase price. This sum, often from 10 per cent to 20 per cent, should then be passed on to the buy-to-let investor.

Someone who has lined up a mortgage to cover 85 per cent of the value will then own a property with minimal outlay of their own. In a rising market, with a tenant covering the costs of a loan, this so-called off-plan buying is a licence to print money.

Lee Grandin, of Landlord Mortgages, a specialist buy-to-let broker, describes it as “a high-risk, high-reward, high-loss strategy”.

He points out that new properties tend to be sold at a premium anyway, while a valuer’s figure can be out by as much as 10 per cent. Taking account of either of those factors could wipe out your discount. Not only that, but when the property is eventually built, an investor’s flat will be coming on to the letting market along with all the others in the development. This “investor flooding” could make it harder to find tenants.

John Heron, managing director of Paragon Mortgages, the third largest lender to the market, is much more blunt. He says that such schemes are “fundamentally about property speculation and not about long-term investment in private rented property”.

Less than 5 per cent of the property his firm lends against is new because professional landlords find it difficult to let. “Much of the new property is higher value, whereas much of the demand is affordable,” he says.

Not surprisingly, such criticisms are rebutted by operators of buy-to-let schemes. Tony McKay, chief operating officer of Inside Track, says: “Our activity is completely transparent. We negotiate a discount with a developer and pass the whole of that discount to the investor.”

Such discounts are genuine, he says, because the developer saves on certain marketing costs by selling to an investment club, while a pre-sale reduces his risks. A valuation 12 months ago of 2,600 properties bought by Inside Track investors showed an uplift of £80 million on an original cost of £395 million, according to Mr McKay.

He admits that the subsequent flattening of the market may have left some property below the pre-discounted price, but he says that the discount provides insurance against falls in values.

Source: Times Online

According to available statistics, the United Arab Emirate’s real estate market is expected to jump to 230 billion dirhams ($63 billion) in the next seven years which is an unparalleled achievement given the size of the country.

The sustained uptrend in global oil prices has contributed to this phenomenal growth leading to availability of surplus funds especially with the Gulf Cooperation Council (GCC) governments. Development of property and real estate has given rise to a host of property developers, financial institutions and fund management companies spread throughout the UAE with the main concentration being in Dubai.

Emaar Properties of Dubai has started construction of Burj View East Tower, the third and final high rise building in a three-tower project. Burj View is the world’s tallest tower, providing panoramic view of Downtown Dubai.

The project is expected to be completed by early 2008. The project offers one and two bedroom Burj Views residences covering an area of 726 square feet to 1400 square feet and offering a unique combination of amenities and unprecedented value.

Since its inception a year ago, the Dubai-based home finance company, Tamweel financed property worth 1.7 billion dirhams ($463 million). Tamweel’s meteoric growth within less than one year is ascribed to the fact that it has addressed a core sector of property market by affording a range of innovative products and working on distinct service strategies.

Jumeirah Beach Residence is perhaps the world’s single largest residential-cum-commercial property development project stretching along 1.7 kms of Jumeirah Beach. Besides Jumeirah Beach Residence, Dubai Properties has one more equally prestigious project, Business Bay. Both Jumeirah Beach Residence and Business Bay have been extensively exhibited at Home Owner Exhibition in Dubai which attracts visitors from the Gulf, the Middle East, United Kingdom, the whole of Europe, Russia, India, Americas and Australasia.

It is not only the residential or commercial towers/complexes which attract investors from the real estate market, even leisure and entertainment segment is making waves to leave a mark on Dubai’s property scene.

Tulip Business Developers’ flagship project, “Westside Marina” is worth 84 million dirhams and it offers the highest standard of designer, quality and luxury living to Dubai residents. It offers 67 luxury apartments of one to two bedrooms each with a price tag of 1.2 million to 1.8 million dirhams with 13 different layouts inclusive of six garden apartments with their own private gardens. Tulip is also investing more than $82 million (300 million dirhams) in Dubai Properties’ Business Bay and Palm Deira projects.

Another equally ambitious project is “Lakepoint” freehold tower at Jumeirah Lake Towers at a cost of 300 million dirhams. LAI General Trading (a 50-50 joint venture partnership between Al Yousuf Group and Gulf General Investment Co.) will develop the 45-storeyed Lakepoint Tower which consists of 414 apartments of one, two and three bedrooms each to be offered on freehold basis. The Tower, a purely self-financed project, is set to be completed by 2007.

Another relationship has come about between Damac Properties of Dubai and M.B. International Holdings, a leading private property company that owns and manages commercial and residential properties in the U.K., the Mediterranean and Eastern Europe. In a landmark deal, Damac has sold out all retail space in its “Marina Terrace” project to M. B. International. Its senior executive praises the project as “Marina Terrace” sets new standards for opulence, exclusivity and luxury living. Its super-contemporary design and sensibility exudes grace and style…..”.

RAK Real Estate Company is slated to embark on a very ambitious project called “Mangrove” at a cost of 2.7 billion dirhams. Starting initially with large scale renovations in certain parts of Ras Al-Khaima, the company shall undertake the development of Mangrove project which covers 700,000 square meters. Created under the royal decree, the RAK Real Estate Company operates in vast and diversified spheres including construction, purchase and sale of real estate, property rental and renovation of existing buildings/properties.

Another financial institution hitting the headlines on the Gulf’s Real Estate scene is Bahrain-based Gulf Finance House (GFH). Euromoney magazine has, second time in a row, selected GFH as the best Islamic Real Estate Finance House for its cutting edge Shariah-compliant investment initiatives in the real estate sector. GFH’s Chief Executive Officer, Esam Janahi, confirmed, “Real Estate, as an asset class, yields higher returns when compared to other conventional options.

The finance house has made use of lucrative opportunities thrown up by the GCC as well as overseas property markets”. GFH has successfully positioned itself as a leading financial institution with a focus on raising investments in the Gulf and placing these as private investments in projects both internationally and in the Middle Eastern region. Across the globe, GFH has investments in blue-chip properties in Spain and France. Backed by a team of management professionals, GFH has, within a short span of time since its inception, increased its assets in excess of $1 billion.

Source: MENAFN

Instant Access Properties – the UK’s largest provider of discounted property to individual investors – has announced today that the market value of all UK and overseas properties purchased by its 4,500 members has now exceeded GBP1 billion.

The announcement comes following an internal evaluation which found that overseas property purchased by members has reached a market value of over GBP299 million, whilst UK property values exceeded GBP629 million. Combined sales added to the capital appreciation of all properties has produced a total value well over GBP1 billion.

Jim Moore, Chairman of Instant Access Properties said: “We are delighted to have reached this very prestigious milestone. For any company to have produced sales figures in excess of GBP1 billion is a real achievement but it is even more impressive when you consider that we have only been in operations since 2002. Instant Access Properties has challenged the conventional way of investing in property and our members have made over GBP150 million of paper profit as a result.”

Instant Access Properties currently facilitates sales of nearly eight per cent of all new build apartments in England alone and is the largest facilitator of investment opportunities in the UK and internationally for private investors.

Commenting on the landmark achievement, Anthony McKay, Chief Operating Officer and former Managing Director of Chestertons said: “This great achievement confirms our position at the very forefront of the property investment market and reaffirms that there really is no better time to be investing in off-plan residential property.

“The changes in pension laws in April 2006 – which will allow people to invest in residential property through their pension fund – will also have a significant impact on the market next year and allow our members to benefit further from the unique access to discounted deals that we source for them.”

More on this story here