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New vehicle to buy properties

Former Land Securities board director, Mike Hussey, and Neil Jones, the former head of the European unit of Grosevenor are in early talks to launch a £500m investment vehicle to sna up distressed property in the UK and Europe. Hussey stepped down from Land Secs last month when it axed plans for a demerger that would have enabled him to run his own separately-listed £5bn firm.