Thames Bank Property, a property and development company specialising in UK city centre sites, has claimed that two of Tristan Capital Partners EPISO 4 fund subsidiaries owes it substantial unpaid debts.
The claim, refuted by Tristan, relates to the redevelopment of the former 300,000 ft2 Derrys department store site in central Plymouth on the south western coast of England, which has been turned into to a multi asset development of 500 student beds, a 110-bedroom Premier Inn hotel and 6,000 m2 of retail and leisure space intended to meet the demand for student and hotel rooms in Plymouth, which is buoyant according to the firm.
Thames Bank says it has issued proceedings in respect of an alleged debt of £750,000 (€850,000), arguing that Thames Bank originated the development in 2016 and paid the £750,000 deposit at its own risk on exchange of the land contract.
Thames Bank claims it brought the development to Tristan with a view to procuring completion and development funding. As part of the JV deal struck between them, it is argued that an agreement was reached that the deposit amount would be left as a debt to be repaid on demand to Thames Bank by one of the Tristan fund subsidiaries.
The company adds that the arrangement is even acknowledged and reflected in TB Property Sarl’s own filed statutory accounts.
Further describing its claim, the company says the JV has come to an end and Thames Bank has asked for repayment. According to the claimant, the demand has been ‘flatly refused’, forcing Thames Bank to resort to the issue of a claim in the High Court.
A spokesperson for Tristan said: ‘We consider the claims to be entirely without merit. It would not be appropriate for us to comment further at this time.’
