The administrator of Lehman Brothers in Europe has begun marketing some of its real estate assets following an analysis of the portfolio of the defunct investment banking group.

The sale, which consists of equity and debt interests held in nine corporate vehicles across Europe, has been keenly awaited by real estate investors.

Barry Gilbertson, real estate partner at PwC, said that now was the time to market these assets in order to gain the best return for creditors. The remaining Lehman properties are being held, or managed towards a later disposal.

The assets being sold include a half equity stake and €5.4m (£5.1m) mezzanine debt facility in a French office joint venture with Kenmore; a 65 per cent equity stake in 49 Kwik Save supermarkets; a 49 per cent interest in student accommodation units owned in a joint venture with Unite; and half of the equity in Investrev, which owns two industrial units in Austria.

Financial Times