Image by Getty Images via DaylifeIn my post on the Candy brothers, I said how clever they were to put in a clause so that when their banking partner went belly-up, they could take over the 50% share for free or thereabouts. I was a bit off the mark because it looks like the people who fund the Candy brothers have a similar clause and now have taken control of the projects leaving the Candy’s to manage the developments.
Who else but our friends from the Middle East? Qatari Diar has taken full control of the 12.8 acre Chelsea Barracks site and acquired the duos stake in the separate Grosvenor Waterside development. So the cold winds from Iceland have met the warm current from the Gulf. Barclays first, now the Candy Brothers and more to come I guess.
Image via WikipediaIt must be a most surreal experience to enter into a deal with a bank, include a clause that the one who goes bust loses out, and then find out that it is the bank that goes bust. With the citizens of Iceland running a banking revolution with new rules, not that all the citizens realised that their country was highly geared, until the banks started to suffer from global warming and melt away.
So the Candy brothers suddenly found that they were sole owners of their developments in Beverly Hills and the other being the £200million Middlesex Hospital site in London.
I like the quote by Chris Candy “It is never satisfying to benefit fromother people’s 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”. I bet this scenario was never in their business plan!
Image by Getty Images via DaylifeIn my post on the Candy brothers, I said how clever they were to put in a clause so that when their banking partner went belly-up, they could take over the 50% share for free or thereabouts. I was a bit off the mark because it looks like the people who fund the Candy brothers have a similar clause and now have taken control of the projects leaving the Candy’s to manage the developments.![Reblog this post [with Zemanta]](http://img.zemanta.com/reblog_e.png?x-id=b6be3ef0-dc2d-4be0-8a7e-cab50a20d78d)
![Reblog this post [with Zemanta]](http://img.zemanta.com/reblog_e.png?x-id=b3e09e23-3c07-4367-89a8-69a372714b06)