Oriental City Deadline extended again

4923399edgwareroadblocka_pic1 Developer Development Securities have extended the deadline for Peter Virdee to complete on his Oriental City deal. This is the second extension, the first was granted on July 1 this year.

The announcement was made to the Stock Exchange this morning, which said Virdee has been given until 15 September to come up with the money for the Sheppard Robson designed development, also known as 399 Edgware Road. Virdee has already paid around 25% as a non-refundable deposit.

DevSecs said it had agreed to a further extension of terms for the outstanding £52m loan following the previous 31 day extension to 31 July 2008.

DevSecs also said as part of the new financing arrangements, a minority proportion of the monies due may be deferred for an extended period beyond 12 months after September 2008.

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