The bulk of a failed £500m portfolio once owned by the Noé family has been put up for sale by receivers at KPMG.
Dubbed Project Titan, the 187-property mixed-use portfolio is expected to attract bids in excess of £260m. KPMG has appointed JLL to handle the sale.
A third of the Project Titan properties are in Scotland, with the rest scattered across the UK.
The portfolio commands a combined rent roll of £21.1m, reflecting a yield of 8.1% if the sale performs as expected.
It has a weighted average unexpired lease term of 5.2 years and is 87% occupied.
Most of the buildings are small shops in secondary locations. However, the portfolio includes office, residential and industrial buildings.
KPMG restructuring partners Rob Croxen and Mark Firmin were appointed administrative receivers to 10 separate companies controlled by the Noé family in February this year.
The companies, which included Landmaster Properties, owned a total of 339 mostly regional properties.
Project Titan is the second portfolio to be brought to market following the receivership. Tristan Capital Partners secured the 144-property Project Tree in July for £153.2m.
The eight remaining assets in the original portfolio – which include trophy buildings such as the 220,000 sq ft Vicar Lane shopping centre in Chesterfield – will be sold following the
disposal of Project Titan.
Aviva Commercial Finance holds the debt against the entire portfolio.
The companies affected are not linked to F&C Reit Asset Management, of which Leo Noé is executive chairman and Zvi Noé is director of investments. However Salomon Noé is named in the latest accounts for Landmaster Properties.
chris.berkin@estatesgazette.com
