Mon, 21 Mar 2011 | ADMINISTRATION
The residential property fund started up by Sir Tom Hunter, once Scotland's richest man, has fallen into administration.
Grant West Property was backed by HBOS – now part of Lloyds Banking Group – and had property assets located across several Scottish cities, including 11 residential accommodation blocks in Dundee, Glasgow and Edinburgh.
Set up in 2007 during the property boom, the fund's original aim was to invest in large homes located in university cities. Originally, plans were made to develop a property portfolio worth £1 billion, but the portfolio value only reached £150 million as the downturn began to kick in.
Ernst & Young's Fiona Taylor and Colin Dempster have been appointed as joint administrators to Grant West Property and are said to have begun a 'full review' of the fund's assets, including its property portfolio.
Ms Taylor said, “The fund has proved susceptible to the effects of the property downturn. We are currently undertaking a full review of the portfolio, but all properties within continue to be fully serviced by property manager Grant Asset Management.”
Grant Asset Management and Grant Management are unaffected by the administration.
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