interestrateripoff Posted July 26, 2009 Share Posted July 26, 2009 http://business.timesonline.co.uk/tol/busi...icle6727609.ece MIKE HUSSEY is in early talks to set up a £500m investment vehicle to snap up undervalued property in the UK and on the Continent.The former Land Securities board director has teamed up with Neil Jones, who used to head the European division of Grosvenor, the Duke of Westminster’s property company, to work on plans for the new fund. The pair are in preliminary discussions with a range of backers, including wealthy individuals and private-equity firms, to raise £150m – which will be combined with debt to buy stakes, individual buildings and form joint ventures. The new vehicle is expected to launch in the autumn. Friends of Hussey told The Sunday Times: “They want to set up a fund that is a bit different and make sure they are fully aligned with their investors. It will not be a conventional structure.†The duo have ambitions to start small and then grow the business to create real scale before deciding whether to float on the stock exchange. The news comes just one month after Hussey left Land Securities when the FTSE 100 property giant axed plans for a demerger that would have enabled him to run his own separately-listed £5 billion London business. There had been speculation of tension for months between Hussey and Francis Salway, the chief executive. Hussey was at one time regarded as a potential successor to Salway. He quit by “mutual consent†after he agreed with Alison Carnwath, the chairwoman, that his future lay outside the company. The new vehicle will be his first opportunity to demonstrate his entrepreneurial skills outside the confines of a big company. MIKE HUSSEY is in early talks to set up a £500m investment vehicle to snap up overvalued property in the UK and on the Continent. Fixed???? Seems like he knows the market well prices can only ever go up and now is an excellent buying opportunity, clearly he has the entrepreneurial skills to make this work!!! Quote Link to comment Share on other sites More sharing options...
cashinmattress Posted July 26, 2009 Share Posted July 26, 2009 Ex-regulator with royal connections snaps up distressed property on the cheap? New-feudalism at it's British best! "Under your tutelage, it only took 1/2 a generation for the nation's private citizen property owners to give it back, willingly, and all legal like! Thank you Maggie. Quote Link to comment Share on other sites More sharing options...
@contradevian Posted July 26, 2009 Share Posted July 26, 2009 (edited) Another one! David Frost was supposedly doing the same a few weeks ago. I hope they don't loose too much money, assuming this isn't just a rumour to ramp the market. Surely then its counter productive to announce this in advance? Edited July 26, 2009 by HostPaul TAFKA Rover2000 Quote Link to comment Share on other sites More sharing options...
Executive Sadman Posted July 26, 2009 Share Posted July 26, 2009 meh, i guess its not his money. If he can find enough morons to believe his hype, best of luck to him. More thicko boomers spunking their retirement funds means less taxpayer bailouts afterall. These guys arent investors, theyre salesmen pretending to be investors. Even a cursory glance at property tells you its bad value. Quote Link to comment Share on other sites More sharing options...
wealthy Posted July 26, 2009 Share Posted July 26, 2009 Why can't they use the money to CREATE SOMETHING instead of wasting time buying up property which is just going to sit there and do the same thing it was doing before. How about developing some real skills in people rather than just handing over some money to some farty old property types just to do what anyone can do only in an expensive suit laced with smarmy charm. What's the point of all of this? Quote Link to comment Share on other sites More sharing options...
otters Posted July 26, 2009 Share Posted July 26, 2009 meh, i guess its not his money. If he can find enough morons to believe his hype, best of luck to him. More thicko boomers spunking their retirement funds means less taxpayer bailouts afterall. These guys arent investors, theyre salesmen pretending to be investors. Even a cursory glance at property tells you its bad value. Would they be allowed to use the name "Imagine Homes" for their new company? Quote Link to comment Share on other sites More sharing options...
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