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16 Sep 2008 07:01
16/09/2008
Market Update on Disposal of 399 Edgware Road, Colindale, London NW9
Development Securities announces today that it has agreed to extend further the due date of 15 September 2008 on the £52 million Loan Notes currently outstanding from the disposal in 2007 of 399 Edgware Road, Colindale. The due date has been extended by mutual agreement to 28th November 2008.
This further extension of terms follows on from the previous 6 week extension to 15 September 2008 and has also been granted to assist the purchaser in completing his financing arrangements. It is probable that, as part of these financing arrangements, a minority proportion of the monies due under the Loan Notes may be deferred for an extended period beyond March 2010.
All payments under the Loan Notes are currently secured by way of a first charge on the property in favour of Development Securities. An amount equating to approximately 25% of the disposal price has already been paid by the purchaser to Development Securities who holds these funds on a non-refundable basis.
Interest on the £52million Loan Notes has been received in full as at 31st July 2008.
For further information, please contact:Matthew Weiner Development Securities PLC 020 7828 4777 Mallika Basu/Richard Evans The Communication Group plc 020 7630 1411
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