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One Man Owns 1% of ALL UK Property - 250,000 of them - and he's selling them all.
PasturesNew
Posts: 70,698 Forumite
http://www.dailymail.co.uk/news/article-2093053/The-great-sell-Property-tycoon-raise-3bn-selling-250-000-UK-homes.html
The great sell-off: Property tycoon to raise £3bn by selling 1% of ALL UK homes to clear his debts
The largest portfolio of homes in the UK is up for sale, and could be yours for just £3 billion.
Iranian-born tycoon Vincent Tchenguiz is looking to sell the freehold for 250,000 properties, which represents one per cent of the UK's entire housing stock.
The sale has been exclusively targeted at sovereign wealth funds, according to the FT.
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Comments
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Thats a buy to let bonanza right there.0
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So the UK housing stock is worth 300bn or only one third of GDP?
250k houses worth 3bn = 12k apiece - which houses are these or have I blinked and missed the 90% club?I think....0 -
Confusing article, numbers don't stack up.“The great enemy of the truth is very often not the lie – deliberate, contrived, and dishonest – but the myth, persistent, persuasive, and unrealistic.
Belief in myths allows the comfort of opinion without the discomfort of thought.”
-- President John F. Kennedy”0 -
Could it be freehold of leased property0
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Figures dont add up. The housing value was worth around £3.755 trillion in 2010 according to Halifax.
if you include commercial property then it goes up to £6.7 trillion for the same year.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
...or maybe got misled by the article subject,I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0
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The figures don't add up because they're not meant to. What they are saying is:
"This bloke owes £3billion and the only way he's likely to get it is to shift this bunch of stuff, with short leases..... and he owes £3billion, so if somebody's going to stump up £3billion for the lot then he's going to have to suck it up to clear his debts". They might go, therefore, for shedloads more, of course. He's trying to realise that much to clear his debts.... they've not said what they're actually worth - and he's probably got some mortgages to pay too. He has £3billion of equity.0 -
HAMISH_MCTAVISH wrote: »Confusing article, numbers don't stack up.
The 250,000 houses they are selling are all on or around the estate i live on.
You are right the numbers dont stack up, no way i would be paying 12k a piece for buying a job lot round here.0 -
He's selling the freehold on leasehold properties, nothing more.Starting Weight (19/02/12): 17st, 1lb. Target Weight: 14st :eek:
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