A trust backed by two American billionaire families is seeking to cash in on Brexit volatility by investing in London property, it is reported.
The Van Tuyls and the Stephens families have provided an initial $263m (£200m) for investment through their Firethorn Trust investment company.
The trust has already spent $34m (£26m) on the purchase of Quay House, a relatively modest building in Canary Wharf. It is reported they have plans to build a supertall tower featuring a hotel on the site.
Founder Peter Mather suggests that the trust is seeking to cash in on Brexit uncertainty by buying when others are hesitating: “Brexit in its current status causes uncertainty. The uncertainty causes volatility and the volatility causes opportunity.”
To some extent property investment is about gambling, and the uncertainty surrounding Brexit right now is certainly creating the perfect conditions for gamblers. However this particular project may involve more of a gamble than meets the eye. Our inquiries reveal that permission for a 68 story tower was refused on the site in 2014 due to concerns over over-development and its impact on the Maritime Greenwich World Heritage Site.