A round-up of today's other stories in brief.
Forestry firm launches 12-year fund
Irish Forestry Services (IFS) Asset Managers have launched a private forestry investment product over a 12-year term. The Forestry Growth Plan (FGP) is two years longer than IFS's most recent forestry plans, which had a 10-year term. The €2.5 million raised from the FGP will be used to purchase existing semi-mature plantations and bare land.
After 12 years, the lands will be sold and the profits distributed to shareholders.
The minimum investment is €750, the cost of one preference share in the FGP.
The plan uses EU and Irish Government forestry grants and has a projected annual rate of return of 8.5 per cent. However, this return is not guaranteed.
Its first 10-year plan matures in 2010. Returns on investment in forestry are free of income tax, subject to the yearly €250,000 limit on tax reliefs or exemptions.
LABrokers starts online quotations
LABrokers.ie, a discount life assurance provider, has launched an online quotation system on its revamped website.
As well as providing instant quotes from leading life assurance companies and generating application forms, it accepts electronic payments. Online quotes for mortgage protection and life assurance products from Caledonian, Canada Life, Irish Life, Eagle Star, Hibernian, New Ireland and Friends First will be provided.
LABrokers.ie will get Hibernian to match the price of the cheapest provider. The company will then give the first-year commission discount it is paid by Hibernian back to the customer, giving them discounts of up to 65 per cent on their first year's premium. Customers who want advice on pensions and investments will be redirected to Myadviser.ie.
New property fund at Irish Life
Irish Life has launched a property portfolio fund that invests in commercial property in 11 European countries. The initial mix of properties will include 50 prime retail and commercial properties in the Republic, valued at just under €720 million, including the St Stephen's Green shopping centre in Dublin. In the UK, it will invest directly in 17 commercial properties worth over €135 million.
In the rest of Europe, it will use a "fund of funds" approach, linking up with Henderson Global Investors to invest in several different property funds. The fund is an open-ended, geared fund with a minimum investment of €20,000.
