UK-based Future Capital Partners (FCP), a £6 billion alternative investment boutique, has added three members to its real estate team.
The new hires are Elodie George, Tim Mycock and Aysha Banks who will add their experience to the real estate, structured finance and corporate tax arenas.
George (manager, real estate), who worked previously at Alpha Real Capital and Hatfield Philips International, also has hotel industry experience, thanks to her two years as European financial analyst for Méridien Hotels & Resorts. She will be responsible for the development and execution of existing and new investment opportunities.
Sharing that responsibility will be Mycock (manager, structured finance), who was previously with CLP Structured Finance and Red Chilli Structured Finance, and who has extensive knowledge of both UK and overseas real estate.
Banks (associate, real estate), with over four years’ experience in corporate tax at PricewaterhouseCoopers and Ernst&Young in Australia, will focus on the development of new real estate investment products.
All three will report to FCP real estate head Peter Young and assist in managing investment partnerships for the firm’s £150 million luxury real estate development in Budva, Montenegro, as well as a number of UK real estate developments planned for the next 12 months.
The Montenegro project, initially launched to investors last year, is funding the construction of a 5-star luxury hotel development in the coastal resort of Budva. The project has raised seed equity of £25 million through UK wealth managers, high-end IFAs and private banks since being launched last year. FCP expect to raise a further £5 million during this round of capital raising for the project with debt capital expected to be raised by June 2011.
Construction work on the development is expected to begin in the third quarter of 2011 and will be completed by late 2013.