Oriental City deadline extended

Oriental_city In a statement to the Stock Exchange today DevSecs said it had agreed to extend the due date on the £52m loan notes currently outstanding from 30th June until 31 July.

The extension of terms has been granted to assist the purchaser (Peter Virdee) 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.

Oriental City, the Shepherd Robson designed scheme, also known as 399 Edgware Road, which includes 300,000 sq ft of retail including a 120,000 sq ft replacement Oriental City food market, 520 apartments and a primary school.

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