INDUSTRY NEWS

Internos gets ready

Internos, a start-up commercial property fund, has £1 billion ready to invest in commercial property, the Telegraph reports.

It is one of several funds hoping to take advantage of falling commercial property prices on the back of the economic downturn.

"We will invest in direct property, equities and debt across Europe, depending on where we see value and the best returns," said funding partner, Andrew Thornton.

Nick Vetch, executive chairman of Big Yellow self-storage group, and Richard Peskin, chairman of London property firm Great Portland Estates are backing the firm.

The paper also reports Delancey, a property investment company, and Raymond Mould and Patrick Vaughan at London & Stamford have also brought together sizeable amounts and hope to get cheaper deals as the market bottoms out.

Delancey recently secured planning permission for a redevelopment of York House in Waterloo, Property Week reported.

The redesign was granted by Lambeth Council and when completed the new building will feature 345,000 sq ft of commercial office space.

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