INDUSTRY NEWS

Warner Estates begins restructuring

Commercial property firm Warner Estates has begun a restructuring programme in a bid to boost its profitability.

The company has suffered losses during the economic downturn and onset of the recession in the UK and is now in talks with lenders to resolve a number of issues related to the drop in property prices.

"Discussions continue with each lender on a range of options to resolve valuation related covenant issues," the company said in a statement.

Warner has appointed Rothschild to carry out a restructuring programme and the move could result in some commercial property in London coming up for sale in the near future.

Warner could move to sell off some of its assets, which includes a large portion of commercial property in London.

The company is a stakeholder in the Greater London Offices joint venture, among other holdings.

The news comes after Grosvenor, the investment group with significant stakes in London offices and commercial property in the capital, was faced with the possibility of having to sell off some of its assets to stay afloat.
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