Housing Bond

B

blowin3

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15
My pension is invested in a housing bond where an investment company buys a property and leases it to lets say Dublin City council as social housing. I got a letter from my broker telling me that they are selling their housing stock due the new rules in stamp duty. They have informed me that my interest and principle have been frozen since last September last. They also informed me they are in talks about selling their properties and that when sold I will get my monies back to reinvest. There is over 600k invested here am I in trouble....what do I do ?
 
I've never heard of this specific type investment fund. Who are the investment co, the brokers? Or is it a company you are dealing with, who actually buy the properties, with yours, and other peoples money?
 
I am actually out of the country at the moment on a different time zone . I spoke to him on the phone he basically said he has been informed my investment will be returned with interest when the housing stock is sold in the new year. I have asked him by email questions and for a formal letter setting out that my investment will be returned he never replied. This is a well known Dublin investment company who the consultant works for which at the moment would not be fair to name.
 
Last edited:
noproblem said:
I've never heard of this specific type investment fund. Who are the investment co, the brokers? Or is it a company you are dealing with, who actually buy the properties, with yours, and other peoples money?
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The pension pot goes trough a trustees and is than invested into property using the trustees. The property is than leased to councils all over the country on 20 year terms. The selling point was that its underwriten by the Irish government I dont know if this is called vulture funds.
 
New to me, hard to believe to tell you the truth.
 
Thats correct regarding the ITC but its a very common scheme where pension funds pay for social housing and lease to councils. Do you feel this is not true?
 
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