On November 26, 2001 Fog Cutter Capital Group Inc. sold a portfolio of 18 retail and office properties, located in the Midlands and Southeast of England, for a net price of £14.0 million ($19.7 million). In conjunction with the sale, secured indebtedness in the amount of £10.8 million ($15.3 million) was retired.

The sold properties totaled 242,000 square feet and were originally acquired by the Company in 1998 and 2000. Four other assets from this original portfolio had been sold in 2000.