Dawnay, Day has placed two of its property companies in administration as its directors sold more shares in Dawnay, Day Treveria, the listed property fund.

It has also emerged that the group is in discussions to sell a 51% stake in its investment banking arm to a Portuguese bank after receiving 13 expressions of interest in the business. Dawnay, Day Investment Banking was put up for sale last week as its parent company sells assets to pay its debts.

Guy Naggar and Peter Klimt, the entrepreneurs behind Dawnay, Day, sold almost all their remaining shares in Treveria, the listed German property company that was spun out from Dawnay, Day in 2005, at €0.30 per share. This is half its share price from a month ago.

Klimt also offloaded interests representing shares worth more than 2% of Dawnay, Day Carpathian, a specialist in retail property in Central and Eastern Europe, through the holding company Jetpath as Dawnay, Day came under pressure to raise cash

The Times