Nick Leslau and Mike Brown’s Max Property has won its battle with a junior lender backed by Jamie Ritblat’s Delancey to buy the £232m Industrious Portfolio.
The AIM-listed company this afternoon confirmed that the claim, which had been issued at the High Court by Citi, had been ‘discontinued’ as tipped by Property Week. (04/09/09)
Max Property now plans to complete its debut investment in the 7.6m sq ft portfolio from receivers Ernst & Young on 7 October as originally planned.
Citi, which had lent the majority of a £38.6m mezzanine loan, dropped its claim after Ernst & Young declared Max’s offer for the portfolio ‘unconditional’.
The move was intended to secure Citi’s pre-emption rights in court so that they could match Max’s bid.