BusinessBusiness RecoveryBDO gears up for Dawnay, Day sell-off

BDO gears up for Dawnay, Day sell-off

Wheels set in motion for sale of real estate investment company's property portfolio which BDO says it generating high levels of interest

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

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