Morrell buys into UK property

HSBC Global Property manager takes first direct UK holding, in Threadneedle trust

HSBC's Guy Morrell has introduced a direct UK holding into his Global Property vehicle for the first time since launch. Morrell has bought a 5% position in Threadneedle UK Property Trust, but stresses he is not calling the bottom of UK commercial real estate. The fund profited from several listed property securities in April, particularly in the US and the UK, some of which was then used to buy the £36.4m Threadneedle fund, managed by Chris Morrough and Don Jordison. Morrell says he rates the pair for holding around 50% uncommitted cash, which gives it sufficient liquidity to pick up ...