Agent claims one per cent of £105m Old Spitalfields Market sale
An agent has issued a High Court claim to recover commission it says it is owed on the £105m sale of Old Spitalfields Market.
In particulars of claim filed at the court, Andrew Barclay’s Hillgate Property Investments Ltd says that the American company Ashkenazy Acquisition Corporation (AAC), has, in breach of a 2012 contract, refused to pay its 1% fee on the 2013 sale.
An agent has issued a High Court claim to recover commission it says it is owed on the £105m sale of Old Spitalfields Market.
In particulars of claim filed at the court, Andrew Barclay’s Hillgate Property Investments Ltd says that the American company Ashkenazy Acquisition Corporation (AAC), has, in breach of a 2012 contract, refused to pay its 1% fee on the 2013 sale.
AAC, which is defending the claim, denies entering into a contract, and maintains that neither Hillgate nor Barclay are entitled to any payment.
It is claimed that Hillgate is entitled to a £1.05m fee on the transaction, under the contract it entered into with AAC to introduce it to property investment opportunities in London, particularly prime retail assets.
It is also alleged that Hillgate introduced AAC to the opportunity to buy Old Spitalfields Market in November 2012, and assisted in the purchase.
In its defence filed at the court, AAC says it did not enter into a contract and that Hillgate did not introduce it to the property, which it adds was acquired by OSM Holdings Ltd, not AAC.
It says that no services were performed by either Barclay or Hillgate that entitle them to any payment.
Hillgate Property Investments Ltd and anr v Ashkenazy Acquisition Corporation
