PwC brings first Lehman portfolio to 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.

A 3.1 % stake and an £8m mezzanine debt facility in a joint venture to forward fund the development of the Foster & Partners designed Circle hospital in Bath.

When Lehman collapsed in September last year the company had UK property assets of $15bn (£10.9bn).