The banks have fired the starting gun to sell off the Tchenguiz property porfolio.
Any hope that Tchenguiz had to hold on to his portfolio were ended when he failed to buy Peverel back from administration and then found that he was not in a position to buy Peverel back from a "rescued by" Electra/ Chammonix consortium.
Tchenguiz needed the Peverel income to service interest payments for loans taken out by his companies to buy the freeholders. Part repayments are due next year, with the total due in 2017.
These are amounts that could not posibly be met. Tchenguiz companies were allowed to continue to trade, whilst they could service their interest payments and had support from Rotch (Robert Tchenguiz's company that is also in trouble)
It was also felt that a higher price could be obtained for the portfolio if sold off in parts and that it appeared it was Tchenguiz and not the banks selling assets.
In addition, it would not have been "politic"for banks to nurse massive losses on their property investments and to have to write off another £1b or so.
The sell off had to be delaid by the Tchenguiz SFO case. As soon as this was concluded the circling vultures made their move against both Tchenguiz brothers.
