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LONDON-London & Continental has started terminationproceedings with the consortium selected to develop the euro5.9-billion ($7.5-billion) Stratford City project--a key part ofLondon's Olympic plans. L&C's lawyers issued a notice to endits contract with Stratford City Developments, which is owned byStanhope, Westfield, Multiplex and the Reubens' Aldersgate,indicating that it has "little faith" that the shareholders wouldsettle their differences.
They have allowed a six-week remedial period that gives theparties a last attempt to resolve their differences and ensure thatone wins the development rights. A remedial period is a standardprocedure in any termination notice. L&C has appointed JonesLang LaSalle and UBS to find a development partner for theproject.
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