INDUSTRY NEWS

Telecoms entrepreneur invests £80m in commercial property

Telecoms entrepreneur and founder of Phones4u, John Caudwell, has invested £80 million in commercial property in the last three months.

In an interview with the Sunday Telegraph he said he had bought properties in London and across the country to take advantage of falling prices.

He told the newspaper he had predicted the recent downturn and suggested the global recession will bring with it long-term opportunities.

“It sounds a bit smart Alec but I have been forecasting this recession for the last two years,” he said.

Mr Caudwell sold his business empire in 2006 but retains an interest in the mobile phone business he once led.

Analysts remain concerned commercial property prices have further to fall.

According to investment bank Close Brothers, values could drop by up to 60 per cent on their peak in 2007.

“Commercial property is a major issue facing the banks during the next couple of years,” managing director Gareth Davies told the Telegraph.ADNFCR-1329-ID-18951370-ADNFCR

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