Aviva Commercial Finance has begun the sales process for the final £500m tranche of properties and loans out of a portfolio once owned by the Noé family.
The sale process, dubbed Project Hyperion, comes as Varde Partners was selected to buy the £240m Project Titan, which was the second tranche of assets sold off after 10 Noé family-controlled companies were placed in receivership .
Varde is among a pack of bidders lining up for Project Hyperion, which includes eight trophy assets including the Vicar Lane shopping centre in Chesterfield, Derbyshire.
A significant debt package is also part of the portfolio.
Project Titan and its forerunner Project Tree comprise secondary mixed-use properties, with Hyperion the final phase of the disposal.
Varde, advised by Allsop, secured project Titan ahead of competition from a Goldman Sachs-Square Metre Properties jv, a partnership between Apollo and M&M, and a bid fronted by Catalyst Capital.
It has agreed to pay around £240m for the 187 Titan assets.
KPMG was appointed administrative receiver for the companies that controlled the properties in February this year.
● Legal & General has gone under offer with a £220m bid for the prime multi-let Ocean portfolio, which includes the 1.7m sq ft Fradley Park, being sold by Lone Star’s Hudson Advisors.
JLL acted for L&G; DTZ advised the vendors of the Ocean portfolio.
