FINANCIAL Securities Exchange (Finsec) says it has admitted property acquisition fund, Property X, as a quoted security on its Mutual Funds and Alternatives Board.
Finsec’s Mutual Funds and Alternatives Board is for complex financial instruments such as mutual funds, exchange traded funds, unit trusts and other derivatives.
The admission of mutual funds and alternatives on Finsec provides investors with access to an enhanced transparent, efficient and orderly secondary market trading.
Property X allows an investor to buy a square metre at a time and lets buyers decide how long it will take you to acquire a property. The fund was established by asset manager, Southpeople Capital Asset Management.
“The Financial Securities Exchange (Finsec) announces the admission of Property X as a quoted security on its Mutual Funds Board,” Finsec said in a statement.
“Property X, which is managed by Southpeople Capital Asset Management gives a unique opportunity to potential investors to invest in property development or projects and earn towards developing their own separate properties.”
Finsec said the fund provided access to a ‘pay-as-you-go’ property acquisition option to both individual and institutional investors for optimal deployment of their financial resources as and when they became available.
This, Finsec added, involved the fund buying into property development projects including buying land property for further development.
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“Investors can buy Property X units on Finsec, via C-Trade, an automated trading platform that enables investors, both local and foreign to purchase securities from anywhere in the world anytime, using mobile devices,” Finsec said.
“Investors have the option to redeem units as cash or as a completed unit of property equivalent to the value of their units.”
Finsec added that using the C-Trade platform would also promote financial inclusion as it allowed simplified participation by retail investors.
“The minimum investable amount is US$10.00 with no maximum limit. The board, management and staff at FINSEC welcome Property X on board and are ready to support its success,” Finsec said.
Under the Mutual Funds and Alternatives Board, investors and issuers benefit from greater visibility and increased liquidity.
