FirethornTrust which is a property investment firm that is run in tandem by two billionaire families, the Stephens and the Van Tuyls, is set to invest in properties in London.
According to Peter Maher, one of the firm’s founders told Bloomberg the following:
“Brexit in its current status causes uncertainty. The uncertainty causes volatility and the volatility causes opportunity.”
The Stephens made money through the Arkansas based Stephens Inc. which is one of the largest privately run investment banks in the United States while the Van Tuyls sold their auto dealership business to Warren Buffett’s Berkshire Hathaway in 2014.
Firethorn Trust started in September with £200 million ($260 million) and made its first investment in London’s base of investment bank, Canary Wharf district.
Currently known as Quay house, Firethorn Trust plans to turn the £26 million ($34 million) investment property into a luxury hotel to serve bankers visiting Canary Wharf on business.
According to Maher:
“South Quay is a highly desirable part of London and is a perfect first acquisition for FirethornTrust as we look to build a long-term and diverse portfolio.”