Dawnay Day Portfolio Changes Hands for $832M

LONDON-The 3.4-million-square-foot Dawnay, Day Group UK portfolio has changed hands. F&C REIT Asset Management and AREA Property Partners have exchanged contracts to purchase the fallen investment company’s holdings. The selling price was not disclosed but sources say the reported $832 million price tag is on the money.

The portfolio consists of 211 properties, 70% of which are retail. The Austin Reed store on London’s Regent Street is one of the major assets switching hands in the deal. The properties are located

The 211-property portfolio has been eyed by investors since last summer when Dawnay Day became one of many floundering companies. Over the summer, Norwich Union, the firm’s primary lender, placed Dawnay Day into administration and appointed BDO Stoy Hayward to administrate the portfolio.