INDUSTRY NEWS

More investment in City property

Helical Bar will invest £500 million in commercial property after recent events have led to new opportunities, the Telegraph has reported.

Chief executive Mike Slade said his company was looking for commercial property in ‘core’ London office markets and he was excited about the possibilities.

"We haven’t been able to invest for two to three years, but various parties are now putting property on the market at reasonable prices," the Telegraph quoted him as saying.

London property prices have boomed in the last two years, but are currently feeling the difficulties across world financial markets.

"It has been frustrating to see prices rise to ever more unsustainable levels and we are delighted at the prospect of finally being able to find value again in this important area of our business," he enthused.

NAI Global has offered more positive predictions for 2008 than many commentators. Its president and chief executive officer, Jeffrey M Finn, acknowledged that the credit crunch was causing problems.

"However, we believe the slowdown in activity is only temporary as the credit markets sort themselves out and a new pricing equilibrium is established," he said.

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