Property billionaire, Gerald Ronson, has set up a private equity group backed by wealthy investors for commercial property investment in the U.K., Financial Times reports. Ronson has received funding from investors, including the Middle Eastern sovereign wealth funds, for his new group, Ronson Capital Partners (RCP). Ronson has invested his own money and further equity has been provided by the property group founded by him, Heron. RCP has the capacity to invest more than £500 million in the U.K. property market. The group has already bought an office tower in London’s West End from Targetfollow, the property group backed by Lloyds Banking Group, for £63 million.
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