AAIM is in exclusive talks with a private investor for the £50.5m sale of AMS House in Frimley.
The property was expected to be sold to Forth Property, a British Virgin Islands registered company. But the deal has broken down and Forth Property has demanded financial compensation after accusing aAIM of misrepresentation in a deal which would have seen the Surrey property sold for £49.5m.
Robert Whitton, chief executive of aAIM said: ‘They’ve made a claim. We’ll be putting in a defence against it. We have been advised that we have strong grounds.’
According to the particulars of the claim, Forth Property, a vehicle set-up to acquire the property, is stating it has incurred a liability of almost £1m owing to a side deal. The liability is now closer to £1.6m due to Retail Price Index movement.
Whitton, AAIM chairman Mark Tagliaferri and co-founder Robert Kanerick will defend the claim and will submit their defence next Monday.
Whitton said: ‘We have entered into another exclusivity with another party on the same terms [involving] taking the existing swap.’ The new deal is expected to complete by the end of the month.