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Mr Blek


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**** a doodle dooooooooooooo

Three shopping centres owned by entrepreneurs the Reuben brothers in a joint venture with Lloyds have been placed into administration after prolonged refinancing talks failed.

Lloyds has appointed Grant Thornton as administrator to the Sapphire Retail fund and its subsidiaries.

The Reuben brothers owned a 50% stake in the fund which owns the Harvey Centre in Harlow, Essex; the Queen’s Arcade in Cardiff; and Charter Walker in Burnley, Lancashire. It is thought the centres were worth £300m at the peak of the market

The fund has debt secured against the assets of just over £200m which was securitised by banks including Lloyds, Nationwide and Deutsche Hypo. It is thought Lloyds held the largest amount of the senior debt. The centres were valued at the peak in 2006 at around £300m.

The Reuben Brothers vehicle - Aldersgate - has been trying to buy out Lloyds’ 50% share in the assets for some time following banking covenants on the fund being breached earlier this year. But an agreement on price was not reached.

People close to the situation said Aldersgate is thought to have offered Lloyds a deal valuing the three centres at £130m but the bid was rejected and before an alternative bid could be made by Aldersgate the assets were placed into administration on Tuesday night.

Malcolm Shierson, partner at Grant Thornton and one of the administrators, said: “All three shopping centres will continue to trade normally. Although each has generally traded satisfactorily in relation to regional and national trends, valuations for shopping centres generally remain under pressure and Sapphire is no exception to this.”

Good old Lloyds

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  • 337 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?

      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%

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