New property group to float

Paul Pedley, the former chief executive of Redrow, yesterday announced plans to raise &pound;50m to buy new-build flats in London from distressed developers.<br /><br />The new investment company, London Residential Opportunities, aims to be listed on the London Stock Exchange in September.<br /><br />Steven Norris, the former Tory transport minister, will sit on the board of Callidus Advisory Partners, the management company for the new venture. Pedley told City A.M. that the group wanted to take advantage of &ldquo;the bottom of the market&rdquo;.