UK: More than 20 companies within the ABP Group, responsible for the development of East London’s Royal Albert Docks site, have been placed into liquidation.
According to PwC, the news comes as the 56,000 square foot of office and retail space delivered by the group in the first phase of the scheme remained largely empty, despite the Chinese developer reconfiguring much of the office space.
ABP has not paid many of its creditors for two years, resulting in numerous winding up petitions.
PwC’s director Rachael Wilkinson and partners Toby Banfield and Zelf Hussain have been appointed as joint liquidators.
Banfield said: “Once we have a clearer view of the current financial position through working closely with all major stakeholders, we will then invite interest from investors and developers who can reignite the development potential this scheme offers.”
Mark Addley, real estate restructuring leader and PwC partner, added: “This is one of the largest development sites in London and has great strategic importance given its location and the redevelopment opportunity at the Royal Albert Docks. We will be working with all stakeholders to maximise this opportunity — ensuring that creditors get the maximum return but also to support the place making in this important, evolving London district.”
