Dawnay Day’s UK property is set to be sold, preferably to one party, according to administrator BDO Stoy Hayward.
BDO, which was appointed administrator and administrative receivers to 80 Dawnay Day companies last month, said the divestment could be one of the biggest property sales in the UK this year, though the firm did not give an estimate of the portfolio value. Dawnay Day’s real estate investments are held by three subsidiary portfolios; Starlight Investments, Insureprofit, and Dawnay Day Properties.
The entire package consists of more than 200 investments with a rent roll of £45 million (€57 million; 83 million) a year, said BDO. Property services firm DTZ is appointed selling agent, BDO added.
Shay Bannon, business restructuring partner said: “To date, we have had several hundred enquiries from parties interested in the Dawnay, Day UK property portfolio and we have spent some time going through these expressions of interest. Although this is likely to be one of the largest property disposals this year, our preferred solution is to dispose of the portfolio to one purchaser. However, we would also consider a sale to a finite number of buyers,” he added.
London-based Dawnay Day ran into trouble with non –property related financial investments and failed to agree emergency financing earlier this summer.