LMS Capital PLC - London-based investment company - Says it has been informed by the general partner of Brockton Capital Fund I that the senior lender to Brockton's "super prime" residential development in Mayfair appointed a receiver to the Mayfair development on Friday last week. LMS has an investment in Brockton which in turn holds a preferred debt investment in the Mayfair development with a reported net asset value by LMS of GBP4.9 million at the end of the third quarter of 2023.
Says: "Whilst sales of apartments in the Mayfair development have been slower than originally anticipated, sales prices achieved have been strong. Furthermore, Brockton has informed LMS that the senior lender intends to conduct an orderly sales process of the Mayfair development. LMS will provide a further update in due course."
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By Greg Rosenvinge, Alliance News senior reporter
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Lms Capital (LMS)