Madison International Realty to spend £1 billion in London

By Sumit Modi

As investors hurriedly abandon the UK property market thanks to the immediate negative impact of Brexit, New York-based property fund Madison International Realty is set to spend up to £1 billion buying cheap London buildings. 

The company already owns a stake in the illustrious Lloyd's of London building, and plans to take advantage of the UK's uncertain status by funnelling funds into its capital city. 

Once it has invested in the buildings, Madison plans to offer the quick sale of partial stakes.

Thanks to the current weakness of the British pound, Madison’s money will go further than expected. UK currency has fallen approximately 10 percent against the dollar, which is at a 31-year low.

According to the Financial Times, Founder Ronald Dickerman said of the decision: “We think the timing is perfect and we are looking to deploy a disproportionate amount of this fund into London.

“We can be a liquidity provider to open-ended funds with queues for the exit.”

 

Follow @BizReviewUSA and @NellWalkerMG

Read the July issue of Business Review USA & Canada here

Share

Featured Articles

How Elon Musk pulled off a $44bn hostile takeover of Twitter

As the world’s richest man, Elon Musk, takes over tech giant Twitter, we highlight the timeline that led to this titanic takeover

Amazon, Alphabet, Wells Fargo best workplaces, says LinkedIn

The top 50 workplaces to grow careers prioritise flexible work and tuition-support programs, as top-ranking firms Amazon and Alphabet prove, says LinkedIn

Top 10 women in technology in the US

These 10 women in tech are forging a path into bold areas of innovation and technological ambition, according to sister publication Technology Magazine

8 executive moves to crypto – from mainstream to startup

Technology & AI

Digital Twins tech ‘missing link’ in urban decarbonisation

Technology & AI

The Metaverse Foundry from Infosys is a business playground

Technology & AI