London-listed residential property company Nanette issued a statement on Tuesday to 'correct any misconceptions' about the filing for Chapter 11 bankruptcy by Lehman Brothers. Nanette, registered in the Netherlands and active as a developer in Central and Eastern Europe, said it works in partnership with Lehman Brothers Real Estate Partners. The developer said LBREP is a 'series of distinct and segregated private equity funds, funded by multiple partners and not part of the Chapter 11 proceedings'.
London-listed residential property company Nanette issued a statement on Tuesday to 'correct any misconceptions' about the filing for Chapter 11 bankruptcy by Lehman Brothers. Nanette, registered in the Netherlands and active as a developer in Central and Eastern Europe, said it works in partnership with Lehman Brothers Real Estate Partners. The developer said LBREP is a 'series of distinct and segregated private equity funds, funded by multiple partners and not part of the Chapter 11 proceedings'.
Nanette's board emphasised that all of the LBREP's funding obligations to the joint venture companies established by Nannette have been fully met for 2008. 'At this stage Nanette does not expect that additional substantial investments shall be required in existing projects beyond the amounts which have already been invested,' the company said. 'Nanette is confident that LBREP, its funds and management team will continue to be a valuable partner in what has proved to be a mutually beneficial relationship over a number of years.'
