Denmark's Saxo Bank has shelved plans for a UK property fund, saying prices here are now too steep.
Jesper Dambourg, managing director of investments at Saxo Properties, says he wanted to launch a UK-focused fund as the first in a range of closed-ended property portfolios for the group. Saxo visited the UK between April and June 2009 and thought UK property prices looked cheap at this time. "But from then through to the summer, the price of property just rose dramatically and we think now is not the right time to launch," Dambourg says. "We still like the London market because of the liquidity, and you can easily get a large volume of real estate. For our second fund, we might l...
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