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Kassam Buys Ex-Lehman Property for $39.5 Million: Times

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Aug. 25 (Bloomberg) -- Firoz Kassam, head of the Firoka Group of companies, paid 25 million pounds ($39.5 million) in cash for a London property that was once owned by Lehman Brothers Holdings Inc., the Times newspaper reported.

Kassam, the former owner of British soccer club Oxford United, bought the Hornbeams estate in The Bishops Avenue, one of the most expensive streets in the U.K. capital, and has permission to turn the site into a 90 million-pound luxury development, the newspaper said, citing an interview.

To contact the reporter on this story: Keith Jenkins in London at kjenkins3@bloomberg.net

To contact the editor responsible for this story: Dick Schumacher at dschumacher@bloomberg.net

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