Park First is very pleased to issue this update to its investors on the progress that it has been making in implementing the restructuring of its investments.
Park First contacted its investors about the restructuring and enhancement of its investments in December 2017, when we circulated our Investment Options booklet. Since then we have been busy contacting investors about their options through our investor contact programme.
Park First is pleased to report that it has now contacted most of its investors. The large majority of our investors have decided to continue their relationship and investment with Park First through the Lifetime Lease Option.
The purpose of this communication is to update investors on some changes to the options available to them should they choose the Buy Back Option proposed under the Investment Options Booklet. These changes are explained in the section below headed “Buy Back Option Update”.
Park First has informed the Financial Conduct Authority (FCA) of these changes.
Park First is proud to be a market leader in UK airport parking. We have developed over 15,000 off-airport car parking spaces at 3 major UK airports, with a total portfolio value of over £300 Million under management.
Park First has made significant investments in its car parking sites, improving the infrastructure and attractiveness of these sites, for example by installing state of the art equipment such as automatic number plate recognition.
Park First believes that these improvements have and will continue to benefit investors.
Investor Contact Update
To facilitate our investor contact programme we set up a new internal team of personal account managers based at our head office to deal with all customer enquiries relating to their investment options.
To date, we have had contact with nearly all of our investors and we are pleased to announce that the large majority have selected our enhanced Lifetime Leaseback option.
For investors who have selected the Buy Back option, Park First is pleased to announce that investors can exchange now and move to completion once funds are ready to be paid, should they wish to do so.
Buy Back Option Update
Our Investor Options booklet provided investors with the option of entering into the new Lifetime Lease (a restructured and enhanced version of the original investment) or taking up the Buy Back.
Park First has decided to update the terms of the Buy Back to give investors choosing the Buy Back the option not to transfer ownership of their car parking space until completion, when payment will be made to them under the terms of the Buy Back. In offering this option, Park First has taken account of feedback from its investors, who will now have the choice to proceed under the terms of the original Buy Back or under the updated terms.
Under these updated terms, completion will not be before 6 months and may take up to 12 months after exchange. Payment will, therefore, take place in the same time frame as under the original terms. However, investors will not need to surrender the ownership of their airport parking space until full completion. The repayment terms will remain the same. Investors will receive repayment of their original investment less the rent they have received. The repayment structure was explained (and illustrations provided) in the Investor Options booklet.
Ownership of the car parking sites
Park First also wishes to inform its investors that it has taken the opportunity of the restructuring to transfer ownership of the freehold of its car parking sites to a single Park First company, Park First Freeholds Limited. This change will not have any impact on investors and has been carried out with the sole purpose of consolidating and simplifying legal ownership to make the management more straightforward.
Park First has discussed the matters set out above with the FCA.
Should investors have any further questions please do not hesitate to contact us by:
Telephone: 01282 526000
Post: Park First head office, Group First House, 12a Mead Way, Padiham, Lancashire, BB12 7NG.
Park First is not authorised by the FCA. The FCA does not consider the Lifetime Lease Option to be a regulated collective investment scheme. Investors in unregulated investments provided by a firm that is not authorised by the FCA do not have recourse to the Financial Services Compensation Scheme or to the Financial Ombudsman Service.
The FCA has not verified any of the information provided to investors and does not endorse the Lifetime Lease or any other investment offered by Park First.
Please refer to the Investment Options Booklet for a detailed description of the options available to you.
You should take whatever financial and/or legal advice you wish to assist you in making your decision. Please note, however, that Park First will not meet the costs of such advice.