Trafalgar Property Group fails to secure funding for Camberley site
By Josh White
Date: Tuesday 09 Jul 2019
(Sharecast News) - Residential and assisted living property developer Trafalgar Property Group announced on Tuesday that it had not been possible to secure the full funding to acquire its assisted living development site Camberley in the required timeframe.
The AIM-traded firm said negotiations with lending institutions had been taking place, but terms could not be definitely agreed before the 9 July deadline required to complete the acquisition of the site.
As a result, the company said it had now lost the non-refundable deposit of £0.23m paid on exchange of contracts.
Trafalgar said it remained focused on pursuing its retirement home strategy.
It said its residential subsidiary Trafalgar New Homes had lodged planning for its Epsom and Ashtead schemes, and expected to submit planning for its Send Barns scheme later in the week.
Should planning be approved, the company said it would seek the necessary development funding.
"Whilst it is regrettable that the company has not been able to secure appropriate funding for the Camberley site, the Board remains absolutely committed to pursuing its strategy in retirement homes and is actively targeting other prospective sites for development," said Trafalgar Property Group chairman James Dubois.
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10 Lower Thames St,
London EC3R 6EN