Development Securities will target large-scale development projects in the UK as well as buying lower-priced investment property as part of its return to the commercial property market.
Michael Marx, chief executive, said the company was 'in the right place at the right time with the right money' to capitalise on a 'remarkable' market for property investment.
The company, which raised £100m through a placing and open offer in July, said it planned to coinvest in large development projects and secure more modest schemes on its own, although Mr Marx cautioned that it was too early to begin building again. 'It is not the time to start new development but it is the time to acquire the sites for development,' he said.
The company also said it was looking to acquire property at yields above long-term average that could be traded in the nearer term, as well as distressed loans secured against good property.
Financial Times, The Times