LONDON - MANCHESTER United boss Alex Ferguson is taking part in a property venture, backed by rich Middle Eastern investors, that intends buying cheap European real estate, a report here said on Saturday.

Ferguson and veteran British broadcaster David Frost are part of an investment company, aAim Capital Finance, that has received commitments of more than 1 billion pounds (S$2.4 billion) to snap up property, the Financial Times said.

'The credit crunch has undoubtedly hit everyone involved in commercial property,' Ferguson was quoted as saying by the FT.

But Ferguson, who as United manager on Friday bought out-of-form England striker Michael Owen, added: 'I continue to be confident in a recovery on the real estate front.' -- AFP