Ritblat Jr hoists London For Sale sign

JAMIE Ritblat's Delancey property group has put its portfolio of prime London retail developments and office space up for sale.

The assets, which also include a stake in property consultant Colliers CRE, are valued at between £200m and £300m.

According to Estates Gazette, Ritblat - son of British Land chairman and managing director John Ritblat - has instructed an investment bank to explore bids.

Delancey is preparing to roll out a £1.5bn acquisitions fund, set up last month. Most of its clients, who include billionaire financier George Soros, are investing in the fund.

Ritblat and his management team, who took the company private in 2001, are keen to capitalise on high returns from its portfolio and return cash to investors. Delancey has been selling single assets since going private but is left with a substantial portfolio.

A source close to Delancey said Ritblat had instructed the bank to approach one or two select parties, after receiving an unsolicited offer last month.

'The new focus is very much on the fund and buying the right stock for that,' the source said. 'Ritblat wanted to see what the best value would be. There was no point in just accepting the initial offer without seeing what the appetite was like from other potential bidders.'

The deadline for bids is next week. But the source added: 'It does not have to sell. If the level of bids is not right, it will hold its assets and sell bit by bit.'

Delancey declined to comment.

What the Delancey portfolio offers

PROPERTY that is being put up for sale by Delancey includes:

Shopping centres - N1 in Islington; Victoria Place, SW1; Clapham Junction, SW11 (includes 22,700 square feet of offices).

Office developments - 40-42 Portman Square, W1; Becket House, York House, Hexagon, Lambeth Palace Road, SE1 (includes 8,000 square feet of space with Ernst & Young as main tenant); Quay House, E14 (let to BT), Rolls House, Arnold House and 8 Breams buildings (planning consent for a 275,000 square-foot scheme).

Investment and development portfolio - Delancey's one-third stake in outsourcing specialist Mapeley; 40% stake in Fitzhardinge, holding company of agent Colliers CRE; 50% share of Centros Miller, a regeneration specialist owned with Miller Group; a joint venture with Britannia called Delancey Britannia Parking and a 7.63% stake in Tops Estates worth £8m.