UK-based Resolution Real Estate Advisers has started a €250m residential property joint venture with Denmark's Saxo Bank, in the hope of achieving an annual return of between 15% and 22% a year.

Jesper Damborg, chief executive of Saxo Properties, said: "We will invest in residential property in Copenhagen, which is seeing net immigration. Following a fall in property values, you can buy assets from the banks which are cheaper than the cost of development."