ThisisLondon - 10 September 2003
Propertty tycoon Gerald Ronson and the specialist property arm of French insurer AXA are setting up a £250m fund to invest in hotels, offices, warehouses and shops. Their aim is to expand the fund to about £1bn by attracting other institutional investors.
The fund aims to strike deals with firms eager to offload property to strengthen their balance sheets. AXA struck a deal of this type last year when it bought £150m of retail warehouses from Big Food Group and leased them back.
The insurer hopes that by teaming up with Ronson and his firm Heron International it will benefit from his entrepreneurial approach and contacts. "
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