Rock Investments, founded by Paul Kemsley, has gone into administration.
PricewaterhouseCoopers was appointed as the joint administrator to Rock Joint Ventures, Rock Investment Holdings and Birchridge on Thursday of last week.
The companies and their subsidiaries have an investment portfolio of industrial, office and retail properties together with development sites in the UK and in New York.
In London these include the former Burberry HQ on Haymarket, Selhurst Park Football Ground – the home of Crystal Palace – as well as offices on Fifth Avenue in New York.
According to a statement from PWC, former Tottenham Hotspur director Kemsley no longer has any interest in the Rock Group or the group’s assets in the UK or the US.
In May last year Bank of Scotland bought a 40% stake in the investment management business and agreed to fund £500m of acquisitions.
Later that month Kemsley downsized the UK office of his Rock Investment Holdings to focus on expanding its US activities
Peter Spratt, partner at PWC and joint administrator, said: “Following the well documented slowdown in the property market, the Rock board has re-evaluated its longer term strategy, and after discussions with its lenders, has taken the difficult decision to place the company in to administration.
“Our immediate priority will be to review the existing strategic approach, explore all options for the company and to develop an effective long-term strategy for the business.
“During this process, we will work with the company’s stakeholders and employees and would like to reassure the existing tenants of the properties that this process will have no impact on them.”