London properties sale 'threatened'
THE SALE of a London property, estimated to be worth hundreds of millions of pounds, was in danger of falling through because of the alleged breakdown of an agreement to provide documents and records, the High Court has been told.
Francis Kieran, for Victoria SA, a company involved in the multi-million pound purchase of 1-9 Victoria Street, London, told Mr Justice John Cooke that his client was seeking an interlocutory injunction against D2 Property Management Ltd, an Irish firm that had managed the property for Victoria.
Rossa Fanning, for D2 Property Management, said an application had been listed for hearing before Mr Justice Paul McDermott last Thursday for various books and records of D2 Property Management relating to the very large commercial building.
“D2 Property Management is located in Ireland and the records are in Ireland,” Mr Fanning said.
“A written agreement was entered into last Thursday and I say I have complied with the delivery of the information sought and the matter should be struck out.”
Mr Kieran said all the books and records had not been delivered as they had been clarified and identified to Victoria. “Only yesterday the defendant said they would give us some of the documents and there is disagreement between the parties that the earlier agreement has been complied with,” he said.
There was urgency attached to the matter as there were talks ongoing to close the sale of the London property “for some hundreds of millions”. He said the sale could be threatened.
Mr Kieran hoped that between now and next week it would be possible for the parties to agree what documents should be provided.
Mr Justice Cooke adjourned the hearing to next Tuesday before Mr Justice Gerard Hogan.