Carrie Sharp and Neil Forkin of FI Real Estate Management (FIREM) have been appointed as LPA Receivers on the Mapeley II loan, which is secured by 16 office properties throughout the UK, by special servicers Solutus Advisors.
Dubbed the ‘Beta’ portfolio, the properties have a net rentable floor area of 1.18M sq ft including the 246,000 sq ft Microsoft Campus office complex in Reading.
Mapeley is the real estate investor majority-owned by Fortress Investment Group and its ‘Beta’ portfolio has fallen in value by 51.7 per cent in six years to January 2012 from £278.1M to £134.29M according to DTZ, driven by the collapse and lack of recovery in the regional marketplace and other factors.
Solutus and FIREM are now devising a disposals and asset management strategy for the portfolio.
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