INDUSTRY NEWS

First Property ready to invest in commercial property

UK commercial property fund manager First Property is ready to invest as much as £200 million into commercial property over the next two years.

Chief executive officer Ben Habib has said the company has the money ready for purchases and is already involved in deals across Europe.

"All sellers on the market now are distressed and need to raise cash so this is a brilliant time to buy; you just name your price," he told Bloomberg.

First Property has most of its assets in Poland but is currently in negotiations over a £4 million deal to purchase a UK shopping centre.

Mr Habib noted he preferred to buy commercial property in Poland or the Czech Republic.

He told Bloomberg: "The UK is in such a deep economic dive that you can get a good price here as well."

Foreign funds are readying themselves to pick up cheap commercial property.

Sheikh Jassim Bin Hamad Bin Jassim Bin Jabr Al Thani, chairman of the Qatar Islamic Bank, said previously: "It is our belief that the United Kingdom continues to be an attractive investment place in Europe."
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