The Candy brothers have moved to take full control of their two joint ventures in London and Beverly Hills with Kaupthing, following the collapse of the Icelandic bank.
Nick and Christian Candy said today that CPC was looking to buy Kaupthing’s stakes in both the Noho Square project, at the former Middlesex Hospital site in London, and a 200-flat scheme in Beverly Hills, in the US.
Kaupthing was nationalised by the Icelandic government on Thursday after its UK arm, Kaupthing Singer & Friedlander, went into administration.
'We have received notice on both Noho Square and 900 Wilshire,' said Mike Samuel's, head of Kaputhing's property equities team. 'These will be reviewed by our legal advisors and we will respond in due course.'
As a consequence of the administration, Kaupthing is in default under the shareholder agreement on Beverly Hills and Noho Square. CPC said its remedy was to purchase Kaupthing’s shares at market value.
On behalf of CPC Group, Christian Candy said: ‘It is never satisfying to benefit from others misfortune and this is the last way we ever wanted to get control of both sites.
'This is clearly very good news for CPC Group and the underlying projects; however our thoughts are with our friends at Kaupthing at this time.’