Norwich Union has reopened two of its commercial property funds, the Irish Property Fund and the UK Property Fund. Both funds are part of a suite of products offered under Norwich Union's single-premium investment, the Portfolio Bond. The bond is a medium to long-term investment.
The fund charges a management fee of 1 per cent a year and an administration charge of 0.5 per cent per annum for the first five years. There is no bid/ offer spread and an administration charge rebate of 0.25 per cent is granted after the first five years. Exit charges will apply over the five-year period. The minimum investment is £5,000 and the bond is available through independent brokers.
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