Tchenguiz trust to cede Peverel stake

THE Tchenguiz family trust is finalising a debt-for-equity swap with Bank of America Merrill Lynch that will see the bank take a major stake in UK property management firm Peverel.

The US lender, which owns an estimated £100m of Peverel debt, may acquire a controlling stake. The stake size and deal structure have been under discussion for more than a month, sources told City A.M. The move is designed to reduce Peverel’s interest payments, which are barely covered by its annual £11m pre-tax profit.