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LMS Capital plc was informed by the general partner of Brockton Capital Fund I that the senior lender to Brockton's Mayfair development appointed a receiver on 26 January 2024. LMS has an investment in Brockton, which holds a preferred debt investment in the Mayfair development. This investment had a reported net asset value by LMS of £4.9m at Q3 2023.
| Date | 29 Jan 2024 |
| Time | 07:00:07 |
| Category | Corporate updates |
| ID | 1917B |
THE INFORMATION CONTAINED WITHIN THIS ANNOUNCEMENT MAY CONSTITUTE INSIDE INFORMATION AS STIPULATED UNDER THE UK'S MARKET ABUSE REGULATION. UPON THE PUBLICATION OF THIS ANNOUNCEMENT, SUCH INSIDE INFORMATION IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN.
LEI: 2138004UJ1TW8UCELX08
29 January 2024
LMS Capital plc ("LMS" or "the Company")
Portfolio update - Brockton Fund 1
The Company has been informed by the general partner of Brockton Capital Fund I ("Brockton") that the senior lender to Brockton's "Super Prime" residential development in Mayfair ("Mayfair development") appointed a receiver to the Mayfair development on 26 January 2024. LMS has an investment in Brockton which in turn holds a preferred debt investment in the Mayfair development with a reported net asset value by LMS of £4.9m at Q3 2023.
Whilst sales of apartments in the Mayfair development have been slower than originally anticipated, sales prices achieved have been strong. Furthermore, Brockton has informed LMS that the senior lender intends to conduct an orderly sales process of the Mayfair development. LMS will provide a further update in due course.
The person responsible for arranging the release of this announcement on behalf of the Company is IQ EQ Corporate Services (UK) Limited, the Company Secretary.
For further information please contact:
LMS Capital plc - Nick Friedlos, Managing Director
0207 935 3555
Shore Capital - Rose Ramsden
0207 408 4050