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GPE Pulls Out of High Wycombe Funding

LONDON-MAB and Great Portland Estates have resolved their dispute over the funding of the Westernm Sector retail scheme in High Wycombe, Buckinghamshire, that had threatened to end in court.

By Graham Parker | Updated on July 05, 2001

LONDON- Great Portland Estates has successfully extricated itself from a £90 million ($127 million) agreement to fund MAB’s Western Sector retail development in High Wycombe, Buckinghamshire. The two companies settled their dispute out of court just prior to a High Court hearing.

Great Portland had originally agreed to finance the 445,000 sf scheme, and agreed a two-year lock-in, but it has subsequently changed corporate strategy and decided to quit the retail sector to concentrate on central London offices. The High Wycombe project has been delayed by a lengthy planning and compulsory purchase process, but the Compulsory Purchase Order was finally granted in May 2000, clearing the way for a start on site in September 2002. The Dutch-based MAB will now have to find a new financial backer.

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