With UK residential property currently delivering strong capitalgrowth, the projected Internal Rate of Return is 9% to 10%. Anddespite fears that the residential property bubble is about toburst, BH&S is confident that the residential sector remains agood long term investment. With a growing population and the lowestrates of development since 1924, demand for housing across the UKconsistently outstrips supply.

The fund will take the form of a Guernsey-registered LimitedPartnership with an eight-year term and a two-year wind downperiod.

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