Nick Leslau and Mike Brown’s Max Property Group has fought off moves by Citi and Delancey to secure the sale of the industrious portfolio.
The AIM-listed company has gone unconditional to buy the 7.6m sq ft portfolio from receiver Ernst & Young for £232.1m.
Last week it emerged that Delancey had teamed up with junior lender, Citi, in an attempt to exercise a pre-emption right to match Max Property’s bid.
Citi had notified Ernst & Young of its intention to take up a pre-emption right, established when Citi provided most of a £38.9m mezzanine loan to Industrious through a special-purpose vehicle called Torre Asset Foundation.
However, this morning Max Property confirmed completion of the purchase would take place on 7 October.
It also warned that on Friday, a claim was issued in the High Court by an interested bondholder against the holding company of the portfolio and the security trustee, although Max Property is not a named party in this litigation.
Industrious’s debt was securitised and the bondholders are upset that they will lose part of their money.