The heavily indebted Gemini secondary regional property portfolio, which includes Birmingham’s Martineau Place, has gone into administration. On Tuesday, special servicer CBRE applied to the Royal Court of Guernsey for the appointment of Deloitte as administrator to four companies that own the 35-strong portfolio, once valued at £1.2bn but now worth just £437m. The move came after borrowers to the portfolio, which is managed by Propinvest, failed to repay a £920m loan after accelerated demands from CBRE.
Bridget.O’Connell@estatesgazette.com
