Duff & Phelps Completed the Administration of Five Property-Owning Companies
Duff & Phelps completed the administration of five property-owning companies (“the Group”), by way of interlocking company voluntary arrangements which enabled a sale to Starwood Capital Group.
The restructuring resulted in all creditors, including the secured creditor, Ireland’s National Asset Management Agency (NAMA), being repaid in full.
Duff & Phelps’ Role
NAMA appointed Duff & Phelps as Administrators in October 2013 over the Group which consists of four “apart-hotels” located in Bermondsey/London Bridge, Earls Court/Kensington and a residential complex in Bermondsey.
The Administrators took possession of the properties and traded the apart-hotel businesses until completion of the restructuring.
A Successful Outcome
Geoff Bouchier commented “this has been a complex and very time consuming assignment but we are delighted with the overall outcome resulting in all creditors being paid in full and the entire portfolio being acquired by Starwood Capital Group.”