BDO gears up for Dawnay, Day sell-off

BDO Stoy Hayward has advised any bidders for Dawnay, Day's property portfolio to make themselves known before the final shortlist is drawn up.

Partners from BDO were appointed as administrators to the collapsed property investment and fund management company and made the call after sifting through the 'several hundred' approaches they have already received from interested parties.

Joint administrator Shay Bannon said: 'To date, we have had several hundred enquiries from parties interested in the Dawnay, Day UK property portfolio and we have spent some time going through these expressions of interest. Any interested party who has not been in touch with ourselves or [leading global real estate adviser] DTZ should now do so immediately, as we will be seeking to draw up a shortlist of purchasers in the very near future.'

The UK property portfolio consists of more than 200 investment properties, with a rent roll of £45m a year. Although a single buyer is preferred, the administrators left the door open for a break-up of the portfolio to allow 'a finite number of buyers' a chance to bid.

'Our agents, DTZ, will now begin contacting interested parties in the next few days to establish if they have a strong history of purchases as well as to demonstrate their credentials and funding for a deal of this scale,' the administrators said.

BDO Stoy Hayward partners Bannon, Mark Shaw, James Stephen and Toby Underwood are now handling the administrations or administrative receiverships of close to 80 companies in the Dawnay, Day group.

Further reading:

BDO take over more Dawnay Day operations