Oriental City loan extended, again

Oriental_city Development Securities have extended the time Peter Virdee has to pay the balance on the development known as 399 Edgware Road for a third time.

Virdee now has until 28 November to complete the deal. DevSecs said it had agreed to a further extension of terms for the £52m loan following the previous deadlines of 31 July and 15 September.

Virdee has already paid DevSecs approximately 25% of the disposal price on a non-refundable basis, along with all interest payments on the outstanding loan notes, which he would forfeit if he failed to complete the deal.

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