Afternoon:
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Ronson’s on the look-out
26.08.09
Gerald Ronson was positioning himself today for a return to the UK commercial property market by founding a club of wealthy investors to take advantage of price falls.
The 70-year-old, who was one of the Guinness Four for his conviction in the Guinness share-trading fraud of the Eighties, has already received backing from a Middle Eastern sovereign wealth group for the fund.
Heron International, the property group behind the Heron Tower in the City run by Ronson, is expected to invest £75 million and Ronson is likely to put in some of his own money. It is thought that the fund could grow to more than £1 billion.
Jonathan Goldstein, joint managing director of Heron, said: “This is one of a number of initiatives we are considering to take advantage of investment opportunities in current market conditions.”
Commercial property prices in London have crashed 40% since the peak in 2007. Ronson has timed the market correctly in the past and sold many of Heron's UK investments before the slump in 2007.
Cashing in: the slump works for Ronson
