The heads of Invesco Real Estate Europe and Pramerica Real Estate Investors have started a new property fund management company aiming to take advantage of the downturn in the European property market.

Internos Real Investors has been started by Jos Short, former chief executive of Pramerica and Andrew Thornton, former chief executive of Invesco Real Estate Europe.

High level investors

The new company will look to raise investment over the coming months, with investors already backing the firm including Richard Peskin, chairman of Great Portland Estates, Nick Vetch, executive chairman of the Big Yellow and Patrick Deigman, executive director of Goodman and formerly chief executive of Arlington Securities.

Internos will look to finance projects in regeneration areas, as well as picking up investment and developments from distressed sellers, provide finance for property companies to expand, and also look into taking midsize listed companies private.

‘At a time when most people are talking down the market, there will be many opportunities for successful investment,’ Thornton said. ‘Internos has been founded to take advantage of this 'return of opportunity' and to continue creating value for institutional investors in European real estate over the long term.’