Monday, January 14, 2008
Shadowy company to sink £1Billion in UK property companies
The activist investor company Laxey has announced plans to launch a £1 billion property fund, designed to take advantage of the sharp drop in the share prices of many listed property companies. Land Securities, the UK’s largest-quoted property company, is currently trading at well over 30 per cent below its Net Asset Value while British Land is nearly 50 per cent below. The company will take stakes of upto 20% in UK property companies, which it described as very cheap. Property stocks rebounded on the news.