PricewaterhouseCoopers has put the first portfolio of Lehman Brothers property assets on the market.
In the first tranche of properties to hit the market, the administrator to Lehman Brothers International (Europe), the London-based subsidiary of the collapsed investment bank, is selling a range of joint ventures it had entered into.
The assets include a 49% stake and E5.4m (£5.1m) mezzanine debt facility in the French Regional Office Fund joint venture with Kenmore.
The £25m open-ended French Office Fund, set up in April 2007, includes buildings in Lyons, Marseille, Nantes, Rennes, Montpellier and Strasbourg.
A 5% equity stake in Adama Holdings, an Eastern European residential development company, is also being sold, as well as a 50% equity position in Investrev, a company which owns a 750,000 sq ft industrial portfolio in Austria.
PwC is also selling a 65% equity stake in a joint venture with Threadmet Properties which owns a 550,000 sq ft UK portfolio of Kwiksave supermarkets.
A 49% stake in Lehman’s Student Village joint venture with Unite is also being sold.
When Lehman collapsed in September last year the company had UK property assets of $15bn (£10.9bn).