It looks like another distressed property fund is in the making with Mike Hussey, the ex-Land Securities director and Neil Jones who was head of the European division of  Grosvenor estates.

The fund will look to purchase below value property in both the UK and Europe. Both men are currently in preliminary discussions with an array of possible backers and are are looking to find £150m. With additional lending the investment vehicle will have an approximate £500m to play with.

Insiders commented that they wanted to create a fund of "real scale" before making the decision whether or not to go to market. The have also communicated that they want the fund to work a little differently, citing alignment with investors wants as key.

Information source : The Times