F&C Reit Asset Management has been selected as the preferred bidder for the £600m Dawnay Day portfolio.

The jv is in talks with administrator BDO Stoy Hayward for the 211 UK properties.

The properties were from three subsidiaries of Guy Naggar and Peter Klimt’s Dawnay Day business which were put into administration in July. Lender Norwich Union called in more £600m of loans forcing the businesses into administration.