A new vehicle named NewRiver Retail will be targetting distressed property assets within the UK. The fund looks to raise 250 million GBP in order to buy up properties than have reduced significantly in price.
The company has applied for AIM (alternative investment market) listing and will be run by Paul Roy, ex-Merrill Lynch.
The market seems to be reacting positively to such ventures, given the recent Max property float by the omnipotent Nick Leslau in May. This is another indication that the big players see the bottom of the UK market.