The Guernsey court ordered, a week ago, the freezing of all the assets of the British real estate tycoon Glenn Maud, whose investment vehicle, ‘Propinvest’, has been bankrupt since last November.
‘Propinvest’ was administered by Grant Thornton and, according to Twitter, he had fixed Glenn Maud’s weekly costs a just 500 pounds.
Thornton is the man who applied for a freezing order of Propinvest and its subsidiaries last week. He is acting on behalf of creditors DNB Bank AS and the Bank of Scotland. Co Star News says Thornton wants to wrest control of Glenn Maud’s property empire.
The company owns the Citi Tower in Canary Wharf in London, the ‘Ciudad Financiera’ of Banco Santander in Boadilla del Monte, Madrid. Proinvest interests extend also to Tokyo.
Maud’s real estate empire was valued at 4.5 billion pounds, but he suffered with the arrival of the recession and has now gone to live in Switzerland.
Glen Maud and an Irishman called Derek Quinlan staged the most important purchase in European real estate, with the 1.9 billion € Santander headquarters in Madrid in 2008. That deal was financed by a union of Spanish, French and British banks, coordinated by the Banco Santander. It was a sale and leaseback deal with a 40 year lease after which it could be sold again.
However, the recession has seen the value of the property fall greatly and the assets are thought to have lost 1 billion € in value. This has become a concern to the investors.
Some reports in the Banco Santander could be negotiating to buy the debt which is held by other banks.
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