A £150m portfolio of regional retail assets once owned by the Noé family is being prepared for sale.
Receivers at KPMG have appointed JLL to sell the Tree Portfolio, which comprises around 150 assets.
A statement from KPMG said: “Rob Croxen and Mark Firmin of KPMG, who were recently appointed as administrative receivers and fixed-charge receivers over various Landmaster- and Agra-related entities, have engaged JLL to advise on bringing a portion of the predominantly retail portfolio to market in the coming weeks.”
The granular portfolio is expected to be circulated widely to attract potential investors, including Kennedy Wilson and Apollo Global Management.
The final make-up of the portfolio is still being decided.
In February, KPMG restructuring partners Croxen and Firmin were appointed administrative receivers to 10 separate companies that own 339 mostly regional retail properties.
This included Landmaster Properties, which is ultimately controlled by Leo Noé’s ?father Solomon. The debt on ?the entire £500m portfolio was provided by Aviva Commercial Finance.
The two KPMG partners were also appointed fixed-charge receivers on a further 23 properties on 28 February.
There is no link to F&C REIT Asset Management, where Leo Noé is executive chairman and Zvi Noé is director of investments.
bridget.oconnell@estatesgazette.com
