INDUSTRY NEWS

Lehman Brothers commercial property now ‘on the market’

Commercial property from the failed investment bank Lehman Brothers has been put up for sale.

The administrator PricewaterhouseCoopers has announced a range of the bank’s ventures are on the market, Property Week has reported.

Lehman has a 49 per cent stake in the French Regional Office Fund, which includes buildings in Lyons, Nantes and Marseille.

The bank also owns five per cent of Adama Holdings and a 50 per cent position in Investrev – both have European portfolios.

Closer to home, a 65 per cent equity stake of a joint venture with Threadmet Properties is also up for grabs -Threadmet owns a 550,000 sq ft UK supermarket portfolio.

Cheaper commercial property could start to bring investors back to a market that has suffered heavy price falls.

Land Securities’ chief executive Peter Salway noted the sector has “gone through an unprecedented period of readjustment”.

“The speed of valuation decline allied to rising insolvency rates mean the sector is facing one of the most challenging periods in generations,” he said.ADNFCR-1329-ID-18985649-ADNFCR

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