Stanhope offer terms signal Lipton's return
Saturday 18 February 1995
The proposed deal includes the sale of the Stanhope name to its founder and chairman Stuart Lipton for £325,000.
Mr Lipton controls a company called Bruton Projects, which would buy "certain assets'' including office furniture and equipment from Stanhope.
The purchase by Mr Lipton, once one of Britain's most dynamic property entrepreneurs, is being seen as the vehicle to rebuild his property interests.
Stanhope was the driving force behind Broadgate, one of London's most prestigious commercial property developments, which would be half-owned by British Land should its deal go through.
Although the deal was initially resisted, Stanley Honeyman, the Stanhope chairman, said yesterday that prospects for Stanhope's creditors, shareholders and employees under the offer were better than those in receivership.
The deal was announced on 19 January for British Land to buy Stanhope for 3p a share in cash with a share alternative. The shares were suspended on 22 December at 8p.
Conditions of the deal include British Land's purchase of Stanhope's outstanding bank debt for £122m, the surrender of a lease at Lansdowne House and the sale of its interest in Stanhope Kajima, an investment and development joint venture, to Hackremco for £2.6m. It is also proposed that Stanhope Interior be sold to its management.
British Land's recommended bid for Stanhope last month ended weeks of uncertainty about the property group, which was brought to the brink of collapse by Britain's property slump.
The deal gives British Land a 50 per cent stake in Broadgate and pre- emption rights over the other half owned by Stanhope's partner Rosehaugh, now in receivershp.
British Land wants the other half of Broadgate, but Rosehaugh's receivers have failed to agree a price and the matter is likely to go to an independent arbiter.
Full ownership could mean British Land taking on total debt of £800m. The Stanhope deal gives British Land almost 2million sq ft of property which is currently renting at about £32.50 per sq ft. Shares in British Land were 1p lower at 368p.
- 1 Scottish independence: Ireland since 1919 is a lesson for Scotland in what a Yes vote means
- 2 Thailand deaths: Pair's bloodied bodies found naked on Koh Tao beach
- 3 Lego breaks out of the toy box and heads for the gallery
- 4 Julian Assange and Edward Snowden join piracy mogul Kim Dotcom’s political campaign in New Zealand
- 5 Daniele Watts: Django Unchained actress detained by Los Angeles police after being mistaken for a prostitute
Thailand deaths: Pair's bloodied bodies found naked on Koh Tao beach
Jihadi John': MI5 may have identified Isis militant who killed David Haines but options limited
Russia freezes Ukraine into submission: Kiev admits country doesn't have enough fuel for winter
Scottish independence: Police will be on high alert on Friday whatever the result
David Haines beheading: David Cameron says Britain will hunt down Isis 'monsters' shown in video murdering aid worker
Daniele Watts: Django Unchained actress detained by Los Angeles police after being mistaken for a prostitute
The political class is doing what Hitler couldn’t – destroying Britain
Scottish independence: Nationalist leader Jim Sillars threatens pro-union companies with 'day of reckoning' after independence
Scottish independence: Yes campaign feels the heat as Alex Salmond's NHS claims come under furious attack
£23m Birmingham cycle scheme is attacked by Tory councillor for not catering to the elderly
Salmond accused of laughing off national debt with ‘what are they going to do: invade?’ joke
iJobs Money & Business
£280 - £320 per day: Ashdown Group: The Ashdown Group have been engaged by a l...
£400 - £450 Per Day: Clearwater People Solutions Ltd: **URGENT CONTRACT ROLE**...
£35000 - £38000 per annum + Benefits: Ashdown Group: Training Coordinator / Pl...
Data Governance Manager (Solvency II) – Contract – Up to £450 daily rate, 6 month (may go Permanent)
£400 - £450 Per Day: Clearwater People Solutions Ltd: We are currently looking...