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U.S. Fund Varde Controls 80% of Crest Nicholson, Telegraph Says

March 27 (Bloomberg) -- Varde Partners Inc., a U.S. investment fund, controls more than 80 percent in U.K. housebuilder Crest Nicholson Plc, the Sunday Telegraph reported, citing a letter from Crest to its lenders.

Varde plans to reduce Crest’s borrowings and acquire the company through a debt-for-equity swap, the report said.

To contact the reporter on this story: Rachel Graham in London rgraham13@bloomberg.net

To contact the editor responsible for this story: Mike Harrison at mharrison5@bloomberg.net.

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