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  1. Wealth
October 26, 2009

Tel: Candy Brothers plan distressed property fund

By Spear's

The Candy brothers, two of the UK’s wealthiest entrepreneurs, are planning to float a London residential property fund in order to take advantage of sharp falls in asset values.

The Candy brothers, two of the UK’s wealthiest entrepreneurs, are planning to float a London residential property fund in order to take advantage of sharp falls in asset values.

 

The vehicle will target high-end residential properties in Central London, the Candys’ speciality. It is believed the fund aims to raise £50m of equity and, with 50pc of gearing, will have £100m of firepower.

The brothers are expected to invest in the fund themselves.

The listing of the fund on the London Stock Exchange would mark a change of strategy for the brothers, who in the past have focused on raising funds privately through overseas-based vehicles.However, investors have already shown they are prepared to back entrepreneurs with a track record of success in reading property cycles.

To read the full story, visit telegraph.co.uk

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