Vale Retail is poised to be appointed to asset manage the retail assets within the collapsed Gemini portfolio.
The Mayfair-based firm, set up by Adrian Oliver and Christopher Williams in 2001, will be asked to run the vast majority of the portfolio, built up by Glenn Maud’s PropInvest.
Gemini was placed into administration in August after PropInvest failed to repay a £950m securitised loan, despite accelerated demands from special servicer CBRE. Deloitte is handling the administration.
Retail accounts for more than 50% of the portfolio, which at the peak of the market was valued at more than £1.2bn.
At 31 March, this value had fallen to £437.7m. A further valuation by GVA was due to have been carried out by 30 September.
Major retail assets in the 35-strong Gemini portfolio include the 175,000 sq ft Martineau Place in Birmingham and the 355,000 sq ft Galleries and Marketgate shopping centre in Wigan, Greater Manchester.
Valad Europe, the Blackstone-owned asset manager, will look after the offices in the portfolio, which account for about 25% of Gemini by value.
Scotland-based Cogent Property Solutions will asset manage properties north of the border.
All three asset managers are expected to work up long-term proposals for the properties. The workout plan could extend to seven years.
All parties declined to comment.
samantha.mcclary@estatesgazette.com
