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Duff & Phelps restructures £206m London property portfolio

RESTRUCTURING specialist Duff & Phelps has completed the £206m restructuring of a London property portfolio, the firm said.

Geoffrey Bouchier, managing director of Duff & Phelps, led the completion of the administrations and company voluntary arrangements of five property owning companies, namely Aparthotels (Bermondsey) Limited, Aparthotels (Tower Bridge) Limited, Mazey Properties Limited, Tower Bridge Road Developments Limited and Warwick Road Developments Limited (together “the Companies”).

The completion of the administrations and company voluntary arrangements enabled a sale of the companies to Starwood Capital Group and all creditors being paid in full, including Ireland’s National Asset Management Agency.

The companies were placed into administration on 22 October 2013. The portfolio consists of four “apart-hotels” located in Bermondsey/London Bridge and Earls Court/Kensington, and a residential complex in Bermondsey.

Bouchier said: “Our efforts, in conjunction with the lawyers at DLA Piper, have resulted in the portfolio kept whole and continuing to trade, as well as all creditors being paid in full. Under their new ownership the properties and their respective operations are in a stronger position to carry their business into the future.”

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