Valad wins Gemini workout mandate

Valad Europe, the multi-let real estate investment manager, has been appointed asset manager for 25 of the assets held within the Gemini (Propinvest) portfolio.

Deloitte awarded the mandate in its capacity as fixed charge receivers and administrators of the portfolio underpinning the EUR 1.1 bn securitised Gemini (Eclipse 2006 - 3) loan.

Valad Europe will take over the asset management of a mixed portfolio of 25 industrial, office, retail and leisure assets located across the UK. It will not manage the shopping centre assets or some of the Scottish assets from the original Gemini (Propinvest) portfolio of 35, which will be assigned by the receivers and administrators to other asset managers.

Valad Europe manages more than EUR 4 bn of assets across Europe with EUR 850 mln of investment assets and EUR 500 mln of development projects in the UK, comprising 200 properties and 1,300 tenants, managed by local teams in London, Leeds and Edinburgh.