PwC Appointed As Receiver For Developer City Site Estates

Law360, Los Angeles (April 30, 2012, 8:23 PM EDT) -- Scottish-based real estate development firm City Site Estates, which values its property portfolio at more than $568 million, has been placed into receivership, PricewaterhouseCoopers said Monday.

David Chubb and Alan Brown of PwC were appointed as joint receivers of City Site Estates, which owns several commercial properties in Glasgow and London, on April 25. Chubb said in a statement that PwC's immediate priority would be to review City Site Estates' portfolio to extract the best value for creditors.

“Following the well documented slowdown in the property...
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