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Duffield sees comeback for commercial property

New Star chairman John Duffield believes the tide has turned for UK commercial property.

In an interview with Money Marketing, Duffield says redemptions have dried up and his firm is seeing an increase in inflows.

He says: “I think those who have wanted to sell have sold and we are now moving back into a buying mode. The bad times were in the November, December period but since the new year, it has improved to the point where redemptions have now dried up.

“The long-term case for commercial property has always been as strong as it ever was despite some sensational headlines.”

New Star has started advertising commercial property again this week for the first time since the slump in the sector.

Duffield also indicated he would be interested in setting up a China offering in the future to sit alongside New Star’s India and heart of Africa funds.

He says: “There has been a real change in the world in the past two years but it has been foreseeable for a long time that the emerging markets would overtake more established Western markets.”

“The shift of power from West to East means the West needs to invest in these countries as I see this as a trend that is largely irreversible. For now, India is the focus but I think China is something we would like to do something with in the future.”

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