Gerald Ronson plans a return to the UK and European commercial property backed by a club of fellow wealthy investors.
The 70-year-old property magnate plans a war-chest, including debt, amounting to £1bn.
His property group, Heron International, will invest as much as £75m in the venture. Heron itself is backed by wealthy US investors, including Larry Ellison, the Oracle chief, Michael Milken, the former junk-bond king, and Steve Wynn, the casino mogul.
The new vehicle will be committed to property investment, whereas Heron is committed more to development. Jonathan Goldstein, joint managing director of Heron, confirmed the new vehicle was one of a number of initiatives the group was considering.
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