US hedge fund eyes up property in European countries set to benefit from Brexit
US hedge fund Marathon is investing in property in European hubs that it expects will benefit from Britain leaving the EU.
The $13bn (£9.9bn) fund is looking at Germany, Ireland, France and the Netherlands in particular, according to the Financial Times.
Bruce Richards, co-founder and chief executive of Marathon, said these countries "have the most stable outlook and [are the] most likely to benefit from Brexit".
Read more: Norway's sovereign wealth fund cuts the value of its UK property portfolio
Richards added: "Many bank service sector jobs will undoubtedly move to Frankfurt and Paris as EU rules will likely require bank employees to be domiciled within the EU when servicing EU clients."
Marathon has bought retail space in Germany, office buildings in Amsterdam, residential homes in Dublin, and warehouses in France. It anticipates a "mild" recession in the UK next year.
The comments from Marathon come after Norway's sovereign wealth fund cut five per cent off the value of its UK real estate portfolio due to the Brexit vote. Trond Grande, deputy chief executive of the £668bn fund, said the cut was "an extraordinary measure" that was made "due to the increased uncertainty" surrounding the future of UK property.
"We at least have no indication that [the valuation] should be adjusted further down," Grande said.
Prime Minister Theresa has set about ending the uncertainty over Brexit, telling her Cabinet colleagues to come up with plans for how they will make Brexit work. She will meet her Cabinet ministers on Wednesday to discuss their plans – and talk about how Britain should approach negotiations with the EU.