(For more retail coverage, click GlobeSt.com/RETAIL.)

LONDON-London & Continental has started termination proceedings with the consortium selected to develop the euro 5.9-billion ($7.5-billion) Stratford City project–a key part of London’s Olympic plans. L&C’s lawyers issued a notice to end its contract with Stratford City Developments, which is owned by Stanhope, Westfield, Multiplex and the Reubens’ Aldersgate, indicating that it has “little faith” that the shareholders would settle their differences.

They have allowed a six-week remedial period that gives the parties a last attempt to resolve their differences and ensure that one wins the development rights. A remedial period is a standard procedure in any termination notice. L&C has appointed Jones Lang LaSalle and UBS to find a development partner for the project.

“We are no longer hopeful that the auction process could be brought to a successful conclusion,” says Stephen Jordan, managing director at L&C. “It is in the project’s best interests that we now begin the process to terminate the contract.”

But Westfield and the Reuben brothers believe they are close to arranging an auction to settle who will win the rights to develop the 180-acre key Olympic site. Talks have been overseen by mediator Robert Leitao at NM Rothschild but have missed several self-imposed deadlines. London & Continental has not decided whether to appoint more than one developer for the different parts of the scheme.

Westfield or the Reuben brothers would both need to bring in partners. They need to be on site by the middle of next year to safeguard the 2012 Olympics. The Reuben brothers, through Aldersgate, own 50% of the Stratford City Developments, Westfield has a 25% stake and Stanhope and Sir Stuart Lipton own a 25% stake that they will sell to the auction winner.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.


GlobeSt Net Lease Spring 2024Event

This conference brings together the industry's most influential & knowledgeable real estate executives from the net lease sector.

Get More Information


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.