Reading FC chairman Sir John Madejski is set to ask the Royal Bank of Scotland for a waiver to stop one of his firms passing to the bank.
One of the UK's most prominent
property investment magnates is to ask the Royal Bank of Scotland to safeguard the future of
commercial development firm Sackville Properties.
Sir John Madejski's Reading-based company is expecting to breach the terms of its £63 million loan on July 1st, meaning the business and its assets could pass into the bank's control, according to the Times.
Believing the commercial property market is beginning to rise again, Sir John is pressing ahead with a £400 million redevelopment of Reading city centre.
"This is a short-term market position. The fundamentals of the property industry haven't really changed," he told the publication.
Experts are predicting that defaults such as the one expected by Sackville are going to increase dramatically this year.
The Financial Times claimed last week that the largest of the pre-recession financing deals are beginning to mature, with lenders not willing to offer the same rates.
Posted by Pete White.
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