Property accounts for 41% of total lending for Kaupthing Singer & Friedlander, the insolvent UK arm of collapsed Icelandic bank Kaupthing.

According to a statement of administrator’s proposal filed at Companies House, by Ernst & Young, property makes up £1.4bn of its £3bn loan book.

Lending is split in to a £937m property loan book of and £428m (a third) of its 1.3bn private banking loan book.

In its separate £937m property loan book, large commercial assets made up 35%, with 21% overseas and 15% exposure to residential developments, over 250 customers.

Ernst & Young has appointed King Sturge to value and manage the bank’s property assets, while law firms Freshfields Bruckhaus and Deringer, and Denton Wilde and Sapte are advising the administration process.

The report, which was filed 14 November, also said the administrator would be conducting a statutory investigation in to the conduct of the bank’s directors and management for the Department of Business, Enterprise and Regulatory Reform (BERR).

The FSA took Kaupthing Singer & Friedlander in to administration on 8 October due following a downgrade in its credit rating.