Warner calls in administrators

 
Marion Dakers
COMMERCIAL property investor Warner Estate fell into administration yesterday after months of talks with lenders and partners failed – allowing Hansteen Holdings’ founders to return to the fund they sold to the company eight years ago.

Warner, which managed around £700m of office and retail properties, hired CCW Recovery Solutions as administrator and said investors will be wiped out.

Aviva Investors, which used Warner as asset manager for the £460m jointly-owned Ashtenne Industry Fun, had told Warner on Tuesday that it planned to switch to quarterly fee payments, hitting the its cash flow.