Ex Land Securities Director in Talks to Start Fund

Former Land Securities Director Mike Hussey has started looking for financial backers in order to start yet another distressed asset fund. He will partner with Neil Jones, previous head of the European division of Grosvenor Estates, the Duke of Westminsters property company.

They are looking to secure around £150m and are hoping to gear up the buying power to an estimated £500m with debts. They are also looking to take an unconventional approach, wanting a fund that will be more in line with their investors wishes - a rare thing indeed!

They will be looking for distressed assets in both England and Europe. They are looking to build a porfolio of "real scale" according to friends, and will then decide if it would be viable to float on the stock market.

There are currently huge opportunities across Europe, as my previous REW blog alludes to with Alan Sugars bargain purchase. A fund with £500m in buying power should prove hugely successful over the long term, depending on how wise the investment strategy is of course.

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