APFM was originally established in 1998 to invest in the UK commercial property market. Since then it has acquired, managed and sold 11 separate investment portfolios valued in excess of £266 million. On all assets sold to date Ashbourne has delivered to its investors a simple annualised return of 20%.
Ashbourne was established in 2016 when David and Findlay left their previous businesses to concentrate on working together fully.
Ashbourne, through its management team and APFM, has an established track record of purchasing UK commercial property and selling it at a profit. The factors that have contributed to this success include:
- many years experience of operating in the UK commercial property market
- proven ability to identify poorly managed portfolios
- established reputation for deal execution
- proven ability to secure good investment opportunities
- proven ability to improve the value of property by pro-active management
- team of excellent professional advisors throughout the UK
- established relationships with property lending divisions of major banks
- established relationships with co-investors including Redcap, Tyburn House, Babcock & Brown and GE Capital Real Estate
A chartered accountant, David joined Ernst & Young in the Isle of Man in 1995 and managed a significant client portfolio within the trust department of the firm. David developed an expertise in structuring, administration, property acquisition and property management.
In 1998 David left Ernst & Young to return to Ireland and started working with Findlay MacAlpine acquiring UK commercial property for Irish investors and together they set up APFM to acquire, manage and sell commercial property for Irish, European and Middle East investors.
David has successfully managed the structuring, fundraising, administration, accounting and joint venture partnership and investor relationships of APFM and Ashbourne since 1998.
A chartered surveyor, Findlay began his property investment career in the mid 1980s with Standard Life before joining Conrad Ritblat (now Colliers International) in 1988 as investment director, where he was responsible for advising clients on commercial property investment opportunities throughout the UK.
In 1998 Findlay moved to Mason Philips Chartered Surveyors to become equity partner, where he has been sourcing, acquiring and managing portfolios for APFM, amongst other clients.
With APFM, Findlay acquired properties with long-term potential and successfully managed the process of increasing income and capital values by identifying and exploiting strategic management opportunities.
With effect from June 2016, Findlay left Mason Philips to concentrate on Ashbourne with David.
Ashbourne acts as a principal, either solely or as part of a joint venture, in originating, structuring, financing and managing UK real estate assets. The Ashbourne investment objective is to create shareholder value by strategically investing in a diverse property portfolio across the UK that demonstrate potential for delivering superior returns.
Ashbourne will typically acquire real estate with a combination of the following characteristics:
- Attractive initial investment yields
- Low capital values
- Well located for their use
- Opportunity to add value through active management
- Clearly defined exit strategies