ESSEX, ENGLAND-Bourne End Properties of London has sold the 335,000-sf Victoria Plaza Shopping Centre here for $50.4 million. The property is located in Southend-on-Sea, the largest town in Essex and the closest resort to London. Victoria Plaza houses 98 stores and five restaurants. The stores include Wilkinsons, Argos and Virgin. The restaurants include Wimpy. The sale of Victoria Plaza leaves one asset in Bourne End’s portfolio, and it, too, is in the process of being sold.All of the outstanding stock in Bourne End was acquired in December 2000 by a group of investors led by Fog Cutter Capital Group of Portland, OR. Other investors include Merrill Lynch (Jersey) Holdings Limited (a subsidiary of Merrill Lynch & Co., Inc.) and Greenbau Estuary Limited (an affiliate of Catalyst Capital LLP, formerly known as The Greenwich Group International). At the time of the acquisition, Bourne End had approximately $245.1 million (GBP 169.6 million) of assets and $177.9 million (GBP 123.1 million) of debt. Its portfolio included 1.7 million sf in 15 shopping centers. The portfolio now includes just one property, a 74,000-sf retail center that should be liquidated in the next 12 months. Fog Cutter company executive Scott Stevenson did not return a phone call seeking comment.The business strategy of Fog Cutter Capital Group is developing, strengthening and expanding its restaurant and commercial real estate mortgage brokerage operations and continuing to identify and acquire real estate investments with favorable risk-adjusted returns. The company’s operating segments consist of restaurant operations conducted through Fatburger Holdings Inc.; commercial real estate mortgage brokerage activities conducted through George Elkins Mortgage Banking Co.; and real estate, merchant banking and financing activities. On July 20, Nasdaq notified the company of a staff determination to de-list Fog Cutter. Fog Cutter appealed the determination, and will remain listed while the Listing Qualifications Panel’s decision is pending. The company’s share price closed Friday at $4.14, down $0.08 on the day.The de-list recommendation is related to the company’s decision to pay its co-chief executive Andrew Wiederhorn and controlling shareholder a salary and a $2-million “leave of absence” payment while he is incarcerated for charges related to his operation of another company, Wilshire Financial Services.

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