Property tycoon Vincent Tchenguiz has agreed a deal to sell a £240m chunk of a residential ground rent portfolio to investment group Long Harbour.
The purchase will be from Tchenguiz’s Consensus Business Group’s 250,000-home £3.5bn Project MacDonald portfolio. Long Harbour’s slice comprises around 40,000 homes.
This is the first chunk of Project MacDonald to be offloaded since Tchenguiz mulled a sale in 2012.
The deal comes after the Serious Fraud Office agreed in July to pay £3m to Tchenguiz for damages arising from its botched investigation into dealings with failed Icelandic bank Kaupthing.
joanna.bourke@estatesgazette.com
