Robin Marriott

Lehman Brothers has filed for Chapter 11 bankruptcy protection after failing to find a buyer over the weekend. The failed bank says it is in advanced discussions with a 'number' of potential buyers for its investment management unit, which includes Lehman Brothers Real Estate.

Talks to sell a stake in the bank’s investment management division, including a $30bn private equity portfolio, will continue, despite its march toward insolvency.

The pair have teamed up to acquire a package of 28 assets. It is the first UK deal by Curzon and affiliate AEW Europe since it closed the European Property Investors Special Opportunities fund on €800 million in May.

The international property investor is seeking to raise $350m for a US opportunity fund and more than $200m for a vehicle targeting both the US and Europe.

The asset management division of German commercial real estate investor Dawnay Day Sirius has been restructured. Geneva-based activist investor Principle Capital Holdings is buying troubled Dawnay Day's 48 percent stake.

Receivers have been appointed at two further Dawnay Day companies while Peter Klimt resigns as non executive director of London-listed Dawnay, Day Treveria and another property company taken public by the group severs its links.

The London-based firm has poached a team from Capmark to manage mezzanine and preferred equity vehicles.

The London and Chicago-based real estate investment firms say pressure is mounting on banks with unwanted loan positions as exit routes dry up. The mezzanine debt tranche acquired by the firms is backed mainly by hotels in Germany managed by Blackstone funds.

BDO Stoy Hayward has seized as collateral almost £1bn of privately-owned property belonging to the troubled London-based investment firm Dawnay, Day.

The London-based investment bank with significant property holdings has appointed Ernst & Young to restructure some of its investments.