The Leo Noe Trust in partnership with Apollo Real Estate Managers has been selected as preferred bidder for collapsed property group Dawnay Day’s £600m portfolio.
The partnership has entered talks with administrator BDO Stoy Hayward for the 211 properties owned by three collapsed subsidiaries of Guy Naggar and Peter Klimt’s former business.
F&C Reit Asset Management would act as asset manager of the portfolio.
Dawnay Day Properties, Starlight Investments and Insureprofit were put into administration in July, when Norwich Union called in £624m of loans.
Noe and Apollo beat off competition from rival fund manager Threadneedle as well as private investors such as Asif Aziz’s Criterion Capital and Exemplar.
DTZ is advising BDO Stoy Hayward.
