Property boss launches firm predicting market recovery

Property entrepreneur Nick Leslau today predicted a recovery in the market as he launched his new investment firm Max Property Group.

The 49-year-old, who runs private property group Prestbury, plans to raise up to £200 million by listing Max on the Alternative Investment Market in London.

It is the first significant initial public offering in Europe this year and is backed by hedge fund Och-Ziff.

Leslau said: "We believe that we are somewhere close to the bottom of the cycle and history has dictated that if you buy somewhere close to the bottom and sell five to seven years later you make a lot of money."

Leslau and the rest of the management team, which includes Mike Slade's former deputy at Helical Bar, Mike Brown, has pledged £25 million and hedge fund Och-Ziff £35 million.

Former Savills chief executive Aubrey Adams was proposed as chairman and he said: "Conditions in the UK property market present a compelling investment opportunity for those with an understanding of long-term supply and demand issues.

"Nick and Mike have proved to be astute investors through all stages of the property cycle over the past 25 years. I am confident that Max will prove an attractive vehicle."