INDUSTRY NEWS

Oz fund takes three London offices

An Australian property group has announced its UK property fund has invested in three new offices in London.

Valad Property Group has spent £61.5 million and exchanged contracts on a further five office buildings in Oxford and funded a purchase of property in Plymouth, reports Thomson Financial.

The £500 million fund identifies mispriced assets and is supported by its main investor, the Bank of Scotland.

Chairman Stephen Day has recently warned of inflated commercial property values. He claimed there was "definite evidence" of industry players having properties aggressively valued to stimulate growth, The Australian has reported.

"It’s evident in the market but it will mostly affect the heavy businesses that are just sitting on the assets with no meaningful value-add strategy," he said.

A succession of funds is now hoping to buy commercial property in London and benefit from its growth potential.

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