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$569M City Site Estates Enters Receivership

GLASGOW, SCOTLAND-The family-owned firm owns a number of properties in Scotland and England. PwC was appointed receiver for the local firm.

By Robert Carr | Updated on April 30, 2012

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.

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