Kenmore Property Group has placed 21 of its companies into administration and a further two into receivership. Grant Thornton has been appointed as the administrator.
The company, which co-invests, trades and develops property, has over £1bn of investments in the UK, Europe and Dubai. It also has a development pipeline of £1.5bn.
In administration are several Kenmore capital fund businesses, the Group's private equity fund and two single property vehicles, according to Grant Thornton.
Funding has been secured from Lloyds Banking Group that will allow Kenmore to continue as a going concern while Grant Thornton assesses its potential restructuring possibilities.
Kenmore's debts are part of the £70bn commercial property loanbook Lloyds inherited in its takeover of HBOS last year. It is thought HBOS injected at least £700m in loans and equity investments into Kenmore and its funds. Kenmore has assets valued at £1.8bn.
Kenmore assets that are now in the hands of Grant Thornton include mainly industrial properties and office blocks situated in Manchester, Leeds, Middlesbrough and Plymouth.
Funds that have not entered administration include the Kenmore European Industrial Fund (KEIF), which is an independently run listed unit.
