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Max Property Group in talks to buy 79 assets in UK

The property company which Och Ziff is backing says it is in exclusive talks to buy a portfolio from receivers to a collapsed firm called Industrious.

Max Property Group is in line to acquire a portfolio of 79 assets from the receiver to property firm, Industrious.

Max, which raised £220m (($351 million; €252 million) in an IPO in May, said in a statement that due diligence was well advanced and that a further announcement was expected to be made in two weeks.

If the deal completes, it would be the first acquisition for Max, a company backed by New York alternative assets firm, Och-Ziff Capital Management.

Reports say the portfolio may be acquired for around £250-270million.

In the run-up to its IPO, the firm said its investment strategy was to exploit “current weakness” in the UK real estate market via opportunist acquisitions, active asset management and non-recourse finance to enhance shareholder returns.

Aubrey Adams, chairman of the firm, said difficult conditions in the UK property market were presenting a compelling investment opportunity for those with “sector experience” and an “in-depth” understanding of long term supply and demand issues.

The company is advised by Prestbury Investments which is 50 percent owned by Nick Leslau, a UK real estate investment veteran.