FairBriar Forms Serviced Apartment Venture

LONDON-Residential developer and investor FairBriar has signed an agreement with Singapore-based Centrepoint Properties to create a new fund specialising in serviced apartments. Centrepoint will invest £6.64 million ($9.8 million) in the FairBriar Residential Investment Partnership.

At the same time FairBriar has formed a 50/50 joint venture with Fraser Serviced Residences, a wholly-owned subsidiary of Centrepoint, to manage serviced apartments in the UK. Properties in the existing Fairbriar Residences portfolio of serviced apartments will be individually re-branded as either Fraser Suites Serviced Residences or Fraser Place Serviced Residences.

FairBriar Residences’ current portfolio comprises 411 apartments in Chelsea, Kensington, the City and Canary Wharf in London, and Fraser currently has 414 units in Singapore. The joint venture has developed of a block of 89 apartments in the City and owns a riverside site in Wandsworth for the development of over 400 apartments.

FairBriar Chief Executive Philip Van Reyk said the new injection of investment and expertise would allow the business to grow quickly, with a target of at least 1,000 units in the UK by 2003