The investment firm Dawnay Day's British-based property portfolio has been sold off in a deal worth more than £600 million (AUD$1.33 billion).
With the support of the administrator BDO Stoy Howard, AREA Property Partners and F&C Reit Asset Management have purchased the UK-based group's 221 properties.
While a deal is anticipated to be finalised before the end of March, the transfer of assets could potentially be completed quicker through a secure Ansarada virtual data room, which allow for the viewing of encrypted documents within a controlled online structure.
Chief executive of F&C Reit, Nick Criticos, said: "Our skills and ambition secured the deal, which, looking back on 2008, is one of the biggest property transactions carried out for some time. [add "]
Dawnay Day's primary creditor Norwich Union will continue supplying up to £550 million in debt to F&C Reit.
The restructuring specialist Begbies Traynor last month predicted that over 300 commercial property firms are facing severe financial trouble.
