Sir John Ritblat, former chairman of British Land, and his younger son, Jamie, have assembled a board of business veterans for a new £4bn property fund for Delancey. Sunday Times

Archie Norman, the former ASDA chairman, Oliver Pawle, the banker from UBS whose last deal was advising Alliance Boots on its takeover by KKR, and Tim Condon, financial strategist at ING have all joined the board of the fund, which will be called Evergreen.

George Soros, the American investor, is a backer of what will be Delancey’s biggest-ever fund, with the resources to mount some big deals.

Jamie Ritblat said: ‘We are now seeing more uncertain conditions, which could give rise to some interesting opportunities. Certainly, it is a phase of the cycle where a more entrepreneurial approach will be needed to drive returns.’