INDUSTRY NEWS

Lehman wants to sell its property portfolio

Lehman Bros. is in talks with potential buyer BlackstoneBlackRock regarding the sale of its vast commercial property portfolio, the Financial Times has reported.

The US is looking to move on its stock of property worth $40 billion (£20 billion) to stabilise its balance sheet.

The paper cited people party to Lehman’s discussions saying the sale could be for all, or smaller parts of its stock.

They also said Lehman offered to accept the first $5 billion (£2.5 billion) of losses incurred, the FT reported.

Property values have fallen significantly both in the US and the UK, providing opportunity for purchases at lower values.

Property tycoon Surinder Arora has agreed to buy £309 million of assets from the Airport Property Partnership.

He completed on property worth £236 million, Property Week reported, and has agreed to buy three more assets for £73 million when they are completed.ADNFCR-1329-ID-18737238-ADNFCR

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