F&C Reit Asset Management is poised to buy the £600 mln (EUR 725 mln) Dawnay Day property empire out of administration, according to a report in the Financial Times. The deal will mark the first deal for F&C’s recently formed property business F&C Reit Asset Management.
F&C Reit Asset Management is poised to buy the £600 mln (EUR 725 mln) Dawnay Day property empire out of administration, according to a report in the Financial Times. The deal will mark the first deal for F&C’s recently formed property business F&C Reit Asset Management.
The fund manager was selected as the preferred bidder for the 211 properties in a portfolio being sold by BDO Stoy Hayward, which was appointed as administrator to three Dawnay Day subsidiaries by Norwich Union in the summer. The property transaction will be by far the largest struck in the UK this year.
DTZ, the property consultancy, is advising BDO on the sale. The deal is easier to structure for many potential buyers as Norwich Union has offered to provide debt of up to £500m.
