The £2 billion company, which owns the Merry Hill retail complex in Dudley as well as two big London development sites, has already received offers from two Australian companies, Multiplex and Westfield.
SJ Berwin, the legal team that has been advising Chelsfield, has been asked to stand down because of a conflict of interest. It is expected to be replaced by Freshfields.
The Sunday Times revealed last weekend the tension that has erupted over differences in management style.
An outright sale is not the only option. It is thought Bernerd is also considering selling just the retail portfolio. This would attract a wider group of bidders and draw in names like British Land and Liberty International.
Merry Hill is worth about £900m and the group’s half interest in White City, a huge retail development in west London, is also highly valuable.
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HBOS is both principal lender and a shareholder. At present the bank is attempting to act as a peace broker between Simon and David Reuben and Bernerd.