Kenmore property portfolio to be sold

The receiver of Kenmore Property Group has hired Savills to market 32 properties in order to "test the market" and use the proceeds to pay creditors.

Receiver Grant Thornton has brought in the estate agency to market a variety of offices, shopping centres, and industrial, retail and leisure developments, all based in the UK and to be sold as a portfolio or individually.

The Edinburgh-based group was backed by Lloyds Banking Group, which is thought to be holding up to £700m in debt on Kenmore.

The 32 buildings were part of the larger Kenmore portfolio, and had been managed by Kenmore Capital and Kenmore Capital 2, two of the 23 Kenmore businesses that entered administration or receivership last November.

Rob Craven, joint administrator at Grant Thornton said: "There has been, and continues to be, considerable market interest in the Kenmore properties."

He continued: "In exploring all options to recover sums for creditors, we intend to market test such demand."

Assets for sale in Scotland include the Highgate Shopping centre in Dundee, the head office of listed company John Wood Group in Aberdeen and the Thornliebank Industrial Estate in Glasgow.

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