Former Liberal Democrat frontbench peer Lord Oakeshott has described how his best investment was in a Belfast property, rebuilt with funds by the British taxpayer.
Oakeshott is responsible for the property investment management of the closed-end Value and Income Trust.
In an interview with Fund Strategy, the peer says: “Our best investment ever was a retail warehouse in Northern Ireland outside Belfast that we bought during the Troubles.
“We eventually sold it to Sainsbury’s a few years ago [after the province stabilised] and made about six times our money.
“It was burned down a couple of times but what we identified is that the British taxpayer does the insurance.”
The peer resigned from frontline politics earlier this year after criticising Project Merlin – the government’s roadmap for rescuing the UK banking system.
Oakeshott says: “Ideally, all investment is about buying from the frightened and selling to the greedy.
“We tend to be defensive, but with our average property holding being more than 14 years, we receive good quality income.
“An important aspect is that we have built up a proportion of property which is index-linked, which is now about a third of the property’s portfolio.
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