INDUSTRY NEWS

Lehman bosses’ commercial property buy-out

The bosses at Lehman Brothers are considering buying the firm’s global property business, Property Week has reported.

Its senior real estate team of Mark Newman and Brett Bossung, along with European head Gerald Parkes hope to take over the business when Lehman is split up, the publication says.

The bank’s Real Estate Private Equity arm is still in operation and Mr Newman, Mr Bossung and Mr Parkes are co-owners.

Property Week has said the team is keen to take control of a 20 per cent stake, now up for sale because of Lehman’s bankruptcy.

The trio are thought to want to take ownership rather than cede it to a third party.

The collapse of Lehman Brothers was a landmark moment in the global financial meltdown.

Chief executive officer Richard Fuld told US Congress: “Ultimately what happened to Lehman Brothers was caused by a lack of confidence.”

The company filed for bankruptcy on Oct 1st – shortly after, staff were seen leaving their posts from the firm’s offices in London.ADNFCR-1329-ID-18831976-ADNFCR

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