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With thanks to the Daily Mail and the original report in the FT.
The great sell-off: Property tycoon to raise £3bn by selling 1% of ALL UK homes to clear his debts
250,000 homes are up for grabs in the sale
By Paul Milligan on 28th January 2012
The largest portfolio of homes in the UK is up for sale, and could be yours for just £3 billion.
Iranian-born tycoon Vincent Tchenguiz is looking to sell the freehold for 250,000 properties, which represents one per cent of the UK's entire housing stock. The sale has been exclusively targeted at sovereign wealth funds, according to the FT.
Forty per cent of the homes and apartments are in the South East of England, with 15,000 properties alone in London.
Mr Tchenguiz is acting on behalf of the Tchenguiz Family Trust and has spoken to investment bank Lazard to help sell the portfolio, which comes with £2 billion worth of debts.
The homes have an average remaining lease of 60 years, after which the properties will revert back to the freehold owner or be re-leased. Mr Tchenguiz told the FT the portfolio would give any buyer a safe and long-running exposure to UK house price growth.
He said there had been 'several expressions of interest in the portfolio'. He added that he had not decided what he would use the proceeds of the sale for.
Mr Tchenguiz, along with his brother Robert, were arrested in March 2011 as part of an investigation by the Serious Fraud Office, into the collapse of Icelandic bank Kaupthing. Robert Tchenguiz was the bank's biggest shareholder, and had been loaned £1.7 billion by the bank.
They were questioned for 13 hours, and hundreds of documents and computer files were seized. They were eventually released without charge.
Both brothers have brought judicial reviews against the search and arrests warrants granted to the SFO and City of London Police.
Warrants for the brothers were quashed in December following the SFO's admission that errors had been made in obtaining search warrants to raid Mr Tchenguiz's London offices.
The warrants were quashed and the seized material was returned. Mr Tchenguiz is now seeking £100 million damages from the SFO for the damage he says has been caused to his reputation and business. He has dismissed the investigation as a 'fishing expedition'.
Mr Tchenguiz is known for his love of parties which are adorned by good-looking young women. He was actually due to hold one such party on his 130ft yacht on the day he was arrested in December. One one occasion Mr Tchenguiz sent all the girls at one party with £2,000 spending money each to go on a shopping trip in St Tropez.
He has been in the property business since 1988 with his brother and has homes in Mayfair, Cape Town and St Tropez.
Tchenguiz also owns 10 Hilton hotels and has a joint property venture with Tesco.
He was born in Tehran in 1956 and moved to London in 1980, as a senior vice-president of Prudential Bache, after completing university in Boston, Montreal and New York.