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New real estate startup to invest £1B in UK property

Spire Ventures, a venture capital firm founded by Faisal Butt, joined with fellow entrepreneur James Caan to back a new property investment company that aims to develop a £1 billion U.K. real estate portfolio, IPE Real Assets reported.

QuoinStone Investment Management, which intends to focus on value-add assets, will initially target multi-let assets, especially in office markets that have become undersupplied due to residential conversions.

The company already manages the more than £100 million Telephone House in the U.K. and is eyeing additional investments from local and foreign investors in Asian, Middle Eastern and emerging markets.