Privately-owned investor Resolution Property is reportedly to launch a £3 bn fund which will capitalise on the adverse credit market conditions. According to newspaper the Financial Times, the company, which is backed by US universities Yale and Harvard and is run by businessman Robert Laurence, has raised some £600 mln from international investors for the fund, which will target real estate sold at discount in distressed commercial property markets in the UK and Europe.
Privately-owned investor Resolution Property is reportedly to launch a £3 bn fund which will capitalise on the adverse credit market conditions. According to newspaper the Financial Times, the company, which is backed by US universities Yale and Harvard and is run by businessman Robert Laurence, has raised some £600 mln from international investors for the fund, which will target real estate sold at discount in distressed commercial property markets in the UK and Europe.
The paper noted that the fund is also carrying out its first deal with the acquisition of the Printworks leisure centre in Manchester for over £100 mln. A 75% of the mall was previously put up for sale for £120 mln, the paper said, and pulled out after the credit crunch hit potential debt-backed buyers.
