'Wall of equity money' coming for property - New Star

The net £127.5m transaction of 60 Gracechurch Street follows a strategic review of the Roger Dossett managed £1.5bn New Star UK Property Unit Trust, a fund which was worth over £2bn in the summer of 2007. New Star spokesman Ben Robinson says the trust “didn’t have to sell”, but it believes liquidity would be put to better use elsewhere. “The fund’s liquidity prior to the sale was 18% and it is somewhere near 25% now, which is significant liquidity compared to our market,” he says. “Half will be invested in property securities, to take advantage of the best value at the moment, while w...