Football, TV stars set up firm backed by Mideast investors

NEW VENTURE: Alex Ferguson is part of a new company backed by Middle East money. (AFP)

Sir Alex Ferguson, manager of English football team Manchester United is involved in setting up a $1.6bn new real estate venture, backed by Middle East investors, it has been reported.

The football legend is to join forces with TV star Sir David Frost for the property investment company which aims to snap up real estate at bargain prices, according to the Financial Times.

The paper reported that he English Premier League boss and the broadcaster are to drum up support for commercial property deals across Europe in the belief the market is near the bottom of a prolonged slump.

Their new investment company, aAim Capital Finance, has received commitments of more than £1bn from Gulf investors to buy property in Europe, the paper added.

The launch of the company marks the resurrection of the team including Sir Alex and Sir David that was behind aAim Group, an asset manager that saw about $2.8bn of properties under management go into administration last year after Bank of Scotland withdrew from a funding agreement, the FT said.

“The credit crunch has undoubtedly hit everyone involved in commercial property as evidenced by the recent announcements from Land Securities and others writing down their current values. I continue to be confident in a recovery on the real estate front and am sure that the aAIM people will flourish again with their knowledge and adaptability to changing situations,” said Sir Alex in comments published by the Financial Times.

Sir Alex and Sir David are expected to take part a road show with Sir David taking up the deputy chairmanship role.

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