Second Special Opportunities Fund

The Fund raised £5.15 million towards the £10.1 million purchase of 134 acres of land at Desborough, near Kettering in Northamptonshire. 64 acres benefited from an existing planning consent for residential development and 8 acres were designated for affordable housing and a leisure centre.

The residential land has now been sold to 8 major house builders including Wimpey, Taylor Woodrow, Barratta, Redrow Homes and persimmon with sales ranging from £550,000 to £1 million per acre.

The Fund has returned to investors a return of over 32%* per annum.  A final residual distribution is expected to be made to investors later in 2009.

The Fund is closed to further investment.

Key Facts
Launch Date	Spring 2003
Activity	Land Dealing
Equity	£5.15m
Original Fund Size	£16.0