The administrators behind failed property group Dawnay, Day said they have received hundreds of inquiries from interested parties after putting the company’s UK portfolio up for sale.
BDO Stoy Hayward and property agent DTZ revealed they are arranging the sale of more than 200 investment properties, with a combined rent roll of more than £45m per annum. The property portfolio is made up of three subsidiaries: Starlight Investments, Insureprofit, and Dawnay Day Properties, which have a combined cost of several hundred million pounds.
Dawnay’s collapse into the hands of administrators took place last month following the enforced closure of a derivatives position in F&C Asset Management. The sale, which resulted in a £70m loss, was triggered by a margin call by one of its lenders. This prompted Norwich Union, the group’s principle creditor, to place its property divisions into administration.
The Times, The Independent