“Everything in the UK is on sale,” says Ares Management, advising US buyers to take advantage of the weakened pound.
Blair Jacobson, co-head of European credit at Ares, said he “absolutely” expected to see US investors doing more deals in the UK to take advantage of the weak currency. “It’s a pretty big difference if you have US dollar-denominated funds.”
The pound has been trading at its lowest levels against the US dollar since the 1980s in recent weeks after chancellor Kwasi Kwarteng announced a package of unfunded tax cuts in his September mini-Budget.
Brad Hyler, managing partner at Brookfield, said at the FT’s Due Diligence Live event in London on Wednesday that the same was true for listed real estate investment trusts in Europe.
Rising inflation has made it more costly to construct new properties, Hyler said, making cut-price portfolios of buildings more attractive. However, he said, it was difficult to find financing for large deals.
