Lehman Brothers European RE goes up for sale

Administrators to Lehman Brothers in Europe have put the first few propety assets up for sale, most of them being joint ventures. PricewaterhouseCoopers says it has logged more than 300 expressions of interest in Lehman’s real estate investments since the bank collapsed.

The first few assets of Lehman Brothers’ European portfolio have been brought to the market by administrator PricewaterhouseCoopers.

The collection is mainly made up of joint venture interests. PwC said it has received more than 300 expressions of interest in the European real estate assets since the bank collapsed last year.

The assets include; a 49 per cent equity stake and €5.4m mezzanine debt facility in a French office joint venture with UK firm Kenmore, which is forward funding the development of seven office buildings; a 65 percent equity stake in a UK portfolio of Kwik Save supermarkets owned in a joint venture with Threadmet Properties; a 49 percent interest in student accommodation in a joint venture with UK student block developer and investor Unite; a 3.1 percent equity stake and £8m mezzanine debt facility in a joint venture to forward fund the development of a hospital in Bath, south west England.