GLASGOW, SCOTLAND-City Site Estates, a private investment company with a commercial real estate portfolio it values at $569 million, has been forced into receivership. The company was formed as Louis Property Development Co. in 1973 by Nathaniel Goodman and his son Louis.
David Chub and Alan Brown with the Scotland office of PwC have been appointed as joint receivers of the firm, which owns the 123 Elderslie St. here and properties in London such as 9-10 Philpot Ln., Three America Sq. and Eight City Rd. Chubb said in a statement that he and Brown will evaluate the portfolio to realize the best benefit for creditors.
“Following the well documented slowdown in the property market, the directors have reevaluated their longer term strategy,” Chubb said. “After discussions with the existing lenders, the decision was taken for the companies to seek protection through either a receivership or administration process.”
City Site had been through tough times before, during the recession of the early 1990s, according to a history on its Web site. While the firm had listed on the London Stock Exchange in 1985, by the end of the 1990s current managing director Louis Goodman took the firm private in 1999. “We pride ourselves in being able to deal with all aspects of property from the ground up, and have a vast amount of experience in proactive asset and property management, to maximize the value of our assets,” Goodman is quoted on the company’s main Web page.
A number of affiliated companies are also being placed in receivership or administration, according to PwC. These include Saltire Leisure Ltd., which owns the Holiday Inn Dundee in Scotland; City Site Investments Ltd., which owns Central House here; CSE (West Regent Street) Ltd., which owns the office at Two W. Regent St. and Queensbridge Management Ltd., the asset management firm for City Site.
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