The administration of the heavily indebted Gemini secondary regional property portfolio has been confirmed.
A notice to the stock exchange this afternoon said the Royal Court of Guernsey had granted administration orders in relation to the companies that own the 35-strong portfolio, which has seen its value plummet from £1.2bn in the boom to just £437m.
Phil Bowers, Neville Kahn and Rick Garrard of Deloitte were appointed administrators on 21 August.
The move came after borrowers to the portfolio, which was built up and is managed by Propinvest, failed to repay a £950m securitised loan after accelerated demands from loan servicer CBRE.
CBRE is now expected to pursue a long-term workout of the portfolio.
bridget.o’connell@estatesgazette.com
