Iranian-born Billionaire investor Robert Tchenguiz is forced to sell a warehouse in Leicstershire for $76 million. The warehouse is the BT National Distribution Center in Magna Park, and due to a legal ruling, was sold to Aberdeen Asset Management.
Tchenguiz was forced to sell by the courts as a part of a joint-liquidators’ attempts to recoup funds. Tchenguiz was lent $2.60 billion by an Icelandic bank before the bank failed. The Magna park property is 432, 000 feet in size and is put under the agency of DTZ until a buyer is found. Jeremy Beckett, a spokesman for DTZ, said, “There was significant investor demand for this prime asset due to the quality of the real estate and the location, along with the long secure income stream from BT and fixed monthly rental uplifts.”
Tchenguiz’s 2% stake in the department store House of Fraser has been sold. He might have to sell the Farnborough Headquarters of BAE Systems and the Mayfair office, Leconfield House, former headquarters of the MI5. Tchenguiz said he was “satisfied” with the price at which the Magna Park property was sold.