Space Real Estate
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Poor information, no Contracts, bad communications
Poor experience investing in a property development Fund run by Space Real Estate for 3 years 2020-2023. Things were good until they received my money, then the information flow dried up. Initially I had great communications with Steve R, but he left suddenly with no explanation and then things went bad. They never sent me a proper contract for my investment, just a re-used offer document copy (which had no names, addresses, amounts invested, start date, end date, investment terms or anything like that!). I couldn't even tell you for certain what the Fund was called (it might have been 'SPP 105'; this also could have been put in a proper contract!). Then after that I heard hardly anything from them. There were no regular updates about the projects, or even the general property market. Occasionally there was a short video of a project, but with little other information it wasn't very useful. I had no idea what they were doing or how things were going. I sent emails asking for updates but they were mainly ignored. (Of course, I still received all their marketing emails, about great properties to buy and other funds I should invest in!) This went on for 3 years. They paid me back in March 2023, but not before demanding bank documents to prove I actually transferred the funds to them in the first place (yes, really!). Final return was 21%, less than half the 45% (15% pa) that was promoted, but I guess that Covid had significant negative effects. I am now trying to get information out of them (about the various projects, costs, profits, etc - you know, stuff that any investor would want to know), but so far I have received nothing.