The 21-strong UK regional property portfolio owned by Moises and Mendi Gertner’s private property company Fordgate has gone into receivership.
Special servicer Mount Street has appointed Dudley Holme-Turner of Cushman & Wakefield and Simon Thomas from Moorfields Corporate Recovery as fixed-charge receivers on the properties located in England.
The special servicer added that calling-up notices were also issued in relation to the Scottish Properties on 24 April.
US investor Kennedy Wilson is understood to have bought the B loan from French bank Natixis, so could make an offer for the entire portfolio, but it has lost the chance to take control of the portfolio by buying out investors in the £262m securitised senior loan.
Other investors, including Fortress, Oaktree Capital Management, Apollo, and Angelo Gordon in partnership with Valad, have also made approaches on the portfolio, which is expected to be put up for sale in due course.
In 2006, the 2.5m sq ft portfolio was valued at £450m when £415m was lent against it.
This comprised a £262m securitised senior loan and the £136m B and £17m C loans.
The whole loan reflected a loan-to-value ratio of 85% but this ration rose dramatically as the value of the properties plummeted to £248.5m in November 2013, according to the latest valuation from Knight Frank.
The portfolio comprises six offices, including three in Aberdeen and the 94,000 sq ft Friars Bridge Court in Southwark, SE1; six motor showrooms; two retail parks; an empty distribution centre and a multilet retail site.
In September last year, gross rents on the portfolio totalled £24.8m – up from £24m a year earlier – following a rise in occupation at Friars Bridge Court from 75% to 90% as well as improving rental values in the strong Aberdeen market.
bridget.o’connell@estatesgazette.com
