Irish-owned property investment company Ailesbury Investments has raised $20 million (€14.7 million) in funds, which it is investing in seven property projects in Florida.
The $20 million phase of mezzanine finance fundraising is being used as seed capital to acquire a site where a $250 million hotel and golf course will be built in Grenelefe, Florida.
The funds will also be used as seed capital for the development of a condominium complex with 120 units in Orlando.
About 60 investors in the Ailesbury fund will also see their money put into a range of other investments, ranging from $60,000 to $1 million in value.
Ailesbury, which concentrates on commercial and residential property in high-growth stable markets such as the US and Germany, says it is aiming for an average compound return on the investments of 20 per cent.
The returns on the Florida fund will range from 17 to 27 per cent, it says.
Founded in 2004, Ailesbury is owned by three directors: Denis English, a former chief executive of aviation software company Arconics; Liam Hurley, formerly of Microsoft; and Frank Long, the former operations director and board member of Renault Ireland.
Although the US property market is generally ailing, a weak dollar versus the euro is propping up interest from overseas investors who can see their currency go further in that market.
