Property fund manager AAIM is to follow the flood of money into property on mainland Europe with the launch of a £2bn fund. Sunday Telegraph

AAIM, whose investors include TV presenter Sir David Frost, Manchester United manager Sir Alex Ferguson and music producer Simon Cowell, plans to invest up to 70% of the new fund overseas as it seeks higher growth markets than the UK.

Robert Whitton, AAIM chief executive, said: ‘This represents a change in emphasis. We still like the UK commercial property market but are finding it increasing difficult to buy assets that represent value.’

The launch of the new fund, Symmetry II, in a joint venture with Bank of Scotland comes as AAIM completes €490m (£330m) of acquisitions in Europe, including the largest shopping centre in Hungary – the Arena Plaza in Budapest, valued at €400m – as well as shopping centres in Germany and the Czech Republic.