Candy brothers set to launch high-end property fund to snap up luxury homes
Property tycoons Nick and Christian Candy are set to list a new high-end residential property fund.
CPC Group, Christian Candy’s property development company, will act as the investment manager and Candy & Candy – the brother’s luxury design house famed for its sleek bespoke designs – will be providing interior design and property management services.
It is understood the fund is set to raise £50m and, after gearing, will have £100m of funds available to snap up property assets which have fallen in value during the downturn.
The brothers have appointed Smith & Williamson Investment Management to advise and promote the launch.
Meanwhile, it emerged yesterday that Candy & Candy has instructed solicitors Wragge & Co to sue the developers of the controversial Chelsea Barracks, Qatari Diar, development for £1m in unpaid fees. A spokesman for Candy & Candy said: “We deeply regret having to take this action, but have been given no other choice.
He added: “We hope this unfortunate matter can be resolved quickly.”
Architect Lord Rogers is also suing Qatari Diar for £1.7m in unpaid fees.