Battersea Power Station owner Real Estate Opportunities has been temporarily suspended from the London Stock Exchange.
The listed company, set up by Irish investor and developer Treasury Holdings, was given by Nama until 4pm yesterday to repay €568m (£475m) of debt, owed by a number of the subsidiaries.
Receivers have now been appointed to the firm’s nine subsidiaries, but REO sought a judicial review into Nama’s quick intention to appointment receivers, and the case will take place in the Irish high court on 21 February.
The firm said today: “The board has requested that the company’s shares be temporarily suspended from trading on the main market of the London Stock Exchange with effect from 7am on 27 January 2012 pending the outcome of the hearing on 21 February 2012.”
Pending the court’s decision on the validity of Nama’s actions, the subsidiaries have undertaken to cooperate with the receivers. Administrators will give 48 hours notice to Treasury Holdings before initiating any property sales.
joanna.bourke@estatesgazette.com
