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1 Jul 2008 07:00
Development Securities PLC provides market update re disposal of 399 Edgware Road, Colindale, London NW9
Development Securities announces today that it has agreed to extend the due date of 30 June 2008 on the £52 million Loan Notes currently outstanding from the disposal in 2007 of this property. The due date has been extended by mutual agreement to 31 July 2008. The extension of terms has 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 31 July 2008.
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 today's date.
For further information, please contact:
Michael Marx 020 7828 4777
Development Securities PLC
Mallika Basu/Richard Evans
The Communication Group plc 020 7630 1411
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