Leslau's Max set to snap up Industrious bargain

Max Property, the investment firm set up by Nick Leslau, is closing in on its first acquisition since its flotation in May.

Leslau is in talks to buy 10 million square feet of industrial property in the Industrious portfolio for just £270 million.

The estate of 120 buildings was worth more than £530 million when Industrious was put into receivership last year but has since crashed in value. The sale process has been complicated by the fact that administrators Ernst & Young want to sell some properties through auction next month, which Leslau is hoping to pre-empt.

Leslau set up Max Property with ex-Helical Bar investment chief Mike Brown to snap up bargains in the recession. The AIM-listed firm became the biggest stock market flotation in London this year when it raised £220 million.