New Star pledges £60m investment in property shares

New Star is to invest more than £60m in UK property shares following the disposal of the London HQ o...

New Star is to invest more than £60m in UK property shares following the disposal of the London HQ of Commerzbank. The asset manager has sold 60 Gracechurch Street, London for £127.5m following a strategic review of the £1.5bn Property portfolio. New Star owner John Duffield has pledged to invest around half of the proceeds in property shares and keep the remainder in cash. The group said in light of the fund’s reduced size, it had sought to reduce single asset exposure in the portfolio. 60 Gracechurch Street was the fund's largest holding. The sale brings liquidity on the fund to...