Ralf Nocker, formerly co-head of real estate finance at Bear Stearns, has resurfaced at boutique investment bank Shore Capital to run a real estate opportunities fund, targeting amongst other things property assets they believe have been unfairly devalued by the credit crunch.

Shore hopes to raise $500m (€341m) for the fund. Its partner in the venture is Lehman Brothers, which has put $50m into the fund and has taken a 10% stake in its management company.