Wilsons near sale of portfolio

Fergus and Judith Wilson have received several offers of interest for their entire BTL portfolio from China over the weekend, according to the Financial Times.

The offers are for a minimum of £250m and Wilson told the FT it was “highly possible and approaching probable” that he would sell to one of the Chinese investors. He said he’ll sell to whoever is ready with the money first at the price the couple wanted.

“It will get to crunch point where we agree a price and it has to be quick, because property prices are going up all the time,” he told the FT. “We’re likely to go with someone who does not have to raise the money. If someone offers me £220m, I’ll say no. I’m not desperate to sell – this is not a distressed sale. I’m full of tenants. But it shall break my heart to sell all these properties – my wife says they’re like children to us.”

Wilson has valued his portfolio using prices on Rightmove.

The Wilsons would need to repay around £40 to £45m to about 14 lenders on completion of the sale. After tax and disposal fees are taken into account they’d walk away from the deal with at least £100m in profit.

The Wilsons announced back in July that they were planning to sell their portfolio of homes in and around Ashford in Kent.