John Cutts, veteran property investor, is to launch a £1bn fund to buy discounted retail property in the UK following a sharp fall in prices over the past year.
Parkridge, a European developer run by Cutts, is next month to launch a UK shopping centre fund that will be seeded with a portfolio of existing properties.
The Luxembourg-based fund will have a target value of £1bn and is one of a number of European funds being lined up by Parkridge.
Cutts said shopping centre values were more reasonable but the move was motivated more by potential asset management and development opportunities.