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| Land Securities converts Park House profit share Land Securities, the UK's largest property company, announces that it has agreed to convert the future deferred consideration and contingent profit share announced when Park House, W1 was sold to Barwa Real Estate Q.S.C. ("Barwa") in June 2010 into a fixed payment of £71.0m. Under the original agreement Land Securities was due to receive a payment of £25.0m on practical completion (estimated November 2012) and a further profit share up to a maximum of £50.0m (estimated November 2013). The fixed payment will now be made on the earlier of practical completion or 28 February 2013. Simultaneous to this announcement, Barwa has sold its interests in Park House to SFL3 Ltd, a subsidiary of Shard Funding Ltd, which is the parent company of the London Bridge Quarter development and is advised and represented by QNB Capital LLC. Land Securities will remain as Development Manager of the project under a development management agreement. write your comments about the article :: © 2011 Construction News :: home page |