Mike Hussey is in early talks to set up a £500m investment vehicle to snap up undervalued property in the UK and on the Continent.
The former Land Securities board director has teamed up with Neil Jones, who used to head the European division of Grosvenor, the Duke of Westminster’s property company, to work on plans for the new fund.
The pair are in preliminary discussions with a range of backers, including wealthy individuals and private-equity firms, to raise £150m – which will be combined with debt to buy stakes, individual buildings and form joint ventures. The new vehicle is expected to launch in the autumn.
Friends of Hussey told The Sunday Times: 'They want to set up a fund that is a bit different and make sure they are fully aligned with their investors. It will not be a conventional structure.'