The IBRC is facing more than £50m of legal claims arising from a loan secured by Camden Market.
Camden Market Holdings Corp and seven related subsidiaries have filed a High Court claim arguing that they have suffered loss and damage because the IBRC allegedly marketed a £195m loan as part of the £4.8bn Project Rock NPL, which included distressed assets.
The claim alleges that, as a result, the market perception was that the Camden Market Estate was “a distressed asset” and would be sold “as part of a pool of distressed loans”.
It adds that prospective purchasers of the North London site – cited as parties such as “David Pears of William Pears Group and Nick Weber of Mount Kellett” – “indicated a preference” to wait for the loan sale.
It cites a particular instance of Land Securities director Richard Akers making a £250m offer “well below the market value of the property” to release the claimant from the loan agreement and purchase the estate.
According to the document, the case stems from an alleged breach of the claimants’ loan agreement with the IBRC to restrict any transfer of the loan without permission, and that “IBRC would not do anything to hinder the marketing” of the London asset to achieve best price in a sale.
The claimants allege that they were unable to attract buyers, despite marketing the property for sale through Deloitte in July and August 2013, and therefore refinanced the loan.
The list of loss and damage includes marketing costs and the £19m bill for the refinancing, which was completed in January when the then owners of the site, Richard Caring, Bebo Kovo and Chelsfield Partners, secured a three-year, £237m whole loan from Japanese bank Nomura.
In addition to this £19m claim, the statements of case say seven of the defendants, not including Camden Market Holdings Corp, have issued a claim against the IBRC in respect of a series of interest rate swaps, claiming losses of £37.6m.
In March of this year Caring and Chelsfield sold their respective 25% stakes in the site, which includes the Stables Market and Hawley Wharf, to a Middle Eastern investor in a reported £400m deal. The remaining 50% stake was retained by Israeli textiles tycoon Kovo.
All parties declined to comment.
IBRC is expected to vigorously defend the claim.
bridget.o’connell@estatesgazette.com
