Vincent Tchenguiz owner of Fairhold, freeholder to many Firstport managed developments (as a result of being previously connected companies) is being forced to sell more of his assets to pay down debt.
Fairhold is in breach of loan covenants and is thought to have racked up debts of almost 1 billion pounds. The crucial loan to value ratio is now believed to be over 150%!
MR Tchenguiz originally tried to put his portfolio up for sale at 3.5b pounds, but this proved impossible.
Instead the financial insititutions decided that they would get more value if parts of the portfolio were sold in a more orderly manner than if the whole portfolio came on the market at the same time.
This is why so many freeholds are ending up with Longharbour/Adriatic etc.
Now comes news that Tchenguiz is selling his freeholds in 10 Hilton Hotels. He is hoping to raise 600m pounds, (let us hope it is a lot less!)
