Having lost money, but not his nerve, Sir Alex Ferguson is giving it another go with investment buddy Sir David Frost. Frost is a frontman at aAIM, which managed a doomed property fund that collapsed last year when Royal Bank of Scotland called it a day and withdrew funding.
Now, aAIM is setting up a new GPB 1bn property fund.
We can only surmise that Frost has convinced the ManU coach that the new strategy, buying property when it’s cheap and selling when it appreciates, is how true gentlemen do business.
RBS wasn’t interested this time around, apparently. But who needs the banks, says aAIM, when there are flush Middle East investors about? Former aAIM Group director Stuart Le Cassick laid out the company’s business plan:
“We have an awful lot of money and a huge appetite to buy and we aim [shameless pun intended?] to be the Manchester United of the real estate world.”
Quick reminder: Barcelona 2: ManU 0