Ronson eyes commercial property investment

26 August 2009

Written by Jeni Browne

Commercial mortgage holders looking to offload property may have a famous buyer heading on to the market.

Gerald Ronson, who was convicted for his part in the Guinness share-trading fraud in the 1980s, is looking to purchase commercial property and take advantage of the reduction in prices that have occurred over the last two years.

His reported interest comes after CB Richard Ellis reported this month that July's UK commercial property saw total returns rise for the first time in over two years.

The group also indicated that the market had turned the corner for the better.

Mr Ronson is set to put some of his own money into any commercial mortgage or property activity, while property group Heron International, which owns the Ronson-run Heron Tower in the City, is expected to put in £75 million to a large fund.

Jonathan Goldstein, joint managing director of Heron, told the Evening Standard: "This is one of a number of initiatives we are considering to take advantage of investment opportunities in current market conditions."

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