In December 2000, Fog Cutter Capital Group organized and led a group of investors, including Merrill Lynch (Jersey) Holdings Limited (a subsidiary of Merrill Lynch & Co., Inc.), to purchase all of the outstanding capital stock of Bourne End Properties Plc.(“Bourne End”). At the time of the acquisition, Bourne End had approximately £169.6 million ($245.1 million) of assets and £123.1 million ($177.9 million) of debt. The real estate assets consisted of 1.7 million square feet in fifteen shopping centers.

Bourne End has sold thirteen properties since the acquisition by Fog Cutter and its partners. These sales have been consistent with the investor group’s strategy to reposition each of the centers, including new capital expenditures on existing space and new development on excess or adjoining land, with the goal of reselling many of the properties.