US private-equity player the Carlyle Group has exchanged contracts to buy six London properties for €806m that were part of a convertible mortgage backed security (CMBS) listed on the Irish Stock Exchange.

The properties include an office building in Victoria Embankment let to investment bank JP Morgan Chase and an office block in the City rented to the same bank. They also include an office block in the City let to UBS and a building on Thames' south bank let to IBM.

The buildings formed part of the White Tower 2006-3 CMBS vehicle and the sale came after Simon Halabi, once a British property tycoon, had winding-up petitions served by the UK's Revenues and Customs in September of last year which could have affected the assets.

Revenue and Customs said at the time it was owed nearly £4.8m plus interest and other costs.

Special servicer CBRE will hold a conference call with noteholders tomorrow to discuss the recent disposals and the next steps it intends to take in relation to the portfolio.

The sales were completed last Tuesday and the final selling price of the buildings was higher than initially expected because of stamp-duty savings achieved by using unit trusts based in the Channel Islands.

However, CBRE also told the stock exchange that its planned disposal of a building called Leadenhall Court, which is occupied by Marks & Spencer and RSA Insurance, would not be completed in time for the July interest payment date to noteholders in the CMBS. The rent is being held in escrow and all rent after 10 June will go to Hammerson, which is acquiring the building.

The sales mean €885m is available for expenses, interest and principal on the notes.

As a result the Class A Notes will be redeemed in full and over half of the outstanding Class B Notes will also be repaid.

CBRE "is considering whether it would be prudent to reserve out of the proceeds of sale for the Leadenhall Court Property a sum of up to £20m as a contingency to meet potential liabilities, which may exist across the Borrowers' group. CBRE has been advised that the liklihood of these contingencies arising is remote."