It’s likely to have forfeited its deposit of 10% of the £47m purchase price
FRASERS Centerpoint has pulled out of a £47 million (S$106 million) deal to buy 120 apartments at the site of English football club Arsenal’s old stadium, likely forfeiting its deposit.
Highbury Holdings – a unit of the holding company that owns Arsenal Football Club – has now sold the apartments plus some 25 others for £41.4 million to London & Stamford, an AIM-listed property group.
Reports in February said that Frasers, a unit of listed Fraser & Neave, had put down a 10 per cent non-refundable deposit for flats in the Highbury Square project but was unwilling to pay the rest in full upfront.
It instead proposed to pay the sum, reportedly £15 million, on a deferred schedule but the offer was blocked by one of the club’s banks.
Frasers yesterday said that it was ‘pleased’ the units had been sold. ‘The price achieved is a clear indication that the market has turned in London and that there is significant interest from investors in acquiring prime London property,’ a spokeswoman told BT. ‘Our decision not to complete enables us to focus on our existing property portfolio and our direct development projects in London.’ Continue reading
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