Pears Group and Development Securities are in advanced talks to buy a portfolio of property once owned by Maple 10 developer Gerry Gannon.
The pair is buying the Chrome portfolio, a collection of around 40 retail and residential properties from Ireland’s National Asset Management Agency for circa £100m.
The portfolio has sites in central London, including Victoria, Covent Garden and Chelsea, supermarkets and retail parades in Burgess Hill, West Sussex and Northampton.
It is the first joint venture for the pair, and Pears is thought to be providing the bulk of the equity.
Pears formed the relationship with Development Securities following the sale of Newcombe House in Notthing Hill, W8, in early 2011 for £47.5m.
Pears is understood to be in talks with Nama over a number of other debt packages.
As revealed by Estates Gazette, Nama launched the portfolio to the market last October. The Maple 10 was a golden circle of property developers who bought shares in Anglo Irish Bank in 2008.
Savills is advising Nama.
annabel.dixon@estatesgazette.com
