Warburg on British property trail

UBS Warburg is poised to invest hundred of millions of pounds in the British property market. And it has launched its spending splurge with the £88.2m purchase of CAA House, the head office of the Civil Aviation Authority owned by private property group Blackmoor Partnership.

The 140,000 sq ft building in Kingsway, central london, is let to the Civil Aviation Authority for another 17 years. National Air Traffic Control Services, which occupies part of the building, is expected to move to a new head office in Southampton.

Trade magazine Estates Gazette says the bank has hired Jeff Goldberger from Witkoff Group to oversee its drive into UK real estate from its New York office. Goldberger headed Witkoff's acquisition and subsequent £327m sale of Shellmex House in the Strand and likes central London property.

Warburg's private client division has made small investments in the UK for clients in the past, but CAA House is the first it has made on its own behalf.