Tchenguiz to sell off land

Marion Dakers
VINCENT Tchenguiz, the property magnate, is working with investment bank Lazard to sell off the freeholds for around 250,000 homes, a source said yesterday.

Tchenguiz and Lazard have been meeting with UK-based institutions in recent weeks with a view to selling the portfolio of ground rents for upwards of £3bn.

The assets, currently owned by the Tchenguiz Family Trust, have an average remaining lease of 60 years, after which the properties will revert back to the freehold owner or be re-leased.

Tchenguiz, who was arrested along with his brother Robert by the Serious Fraud Office last year but released without charge, is thought to be selling the portfolio as part of an overhaul of the family trust.

The portfolio is one of the largest of its kind in the country.