Housebuilder sells commercial property investments to Teesland IOB, Kiln Lane and Maybrook Properties.

Housebuilder MJ Gleeson has sold the majority of its commercial property investment portfolio to reduce its debts.

MJ Gleeson has sold property worth a total of £27.9m after a strategic review at the firm. The move follows last week’s sale of its concrete repairs business to management buyout vehicle Rangelast for £3m.

Gleeson has sold £17.8m its portfolio to property fund Teesland IOG, £3.3m to property investment company Kiln Lane, and £6.8m to Maybrook Properties.

Gleeson offloaded its construction division to a management buyout in March last year after the arm suffered a £16.6m loss.