London builders turn to funds
High-end property developers in London are restricting the supply of homes to prevent further price falls by selling entire apartment blocks to funds for rental, according to agents and investment managers. Some developers are trying new tactics to support prices, which estate agent Savills sees falling 9 percent this year in central London, keeping them off the open market by selling part-built or planned projects to institutions and investment funds hunting for yield. "I think that the opportunities coming our way have increased a little since the Brexit vote," said Mark Allnutt, managing director of investments at U.S.-based Greystar, which is backing a 2,000 unit rental project in Greenford, West London.
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