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4 Aug 2008 07:00
04/08/2008
Market Update on Disposal of 399 Edgware Road, Colindale, London NW9
Development Securities announces today that it has agreed to extend the due date of 31 July 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 15th September 2008.
This further extension of terms follows on from the previous 31 day extension to 31 July 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 12 months after September 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 31st July 2008.
For further information, please contact: Michael Marx Development Securities PLC 020 7828 4777 Mallika Basu/Richard Evans The Communication Group plc 020 7630 1411
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