Receivers appointed on £250m Tolworth Tower

The £250m Tolworth Tower development project in west London owned by CNM Estates chairman Wahid Samady has been placed in receivership.

LPA receivers at Menzies have been appointed to the asset within the project’s holding company – CNM Estates (Tolworth Tower) Limited – ahead of the expiry of £66.3m of debt issued by senior lender Venn Partners and mezzanine provider Aprirose next month.

The Tolworth subsidiary is not in breach of a loan-to-value covenant, it has serviced its debt throughout the term of the loan and Samedy retains a substantial slice of equity in the project.

It gained planning in early 2016 for a new project and has since completed the first 78 residential units for the rental market and agreed a new 25-year lease with Travelodge.

Receivers have also been appointed to assets within three other special purpose vehicle companies owning smaller schemes that served as collateral for the debt: CNM Estates (Coombe Road) Limited, CNM Estates (Ewell Road) Limited, and CNM Estates (New Malden) Limited.

Samady says a funding deal with an institutional backer is close to being agreed on the three smaller holdings, which will lead to CNM retaining control of the assets.

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