Countryside Properties PLC Agreement of voluntary undertakings with CMA (8341L)
September 15 2021 - 2:24AM
UK Regulatory
TIDMCSP
RNS Number : 8341L
Countryside Properties PLC
15 September 2021
15 September 2021
Countryside Properties plc
Agreement of voluntary undertakings with CMA
Countryside Properties plc ('Countryside'), a leading UK
mixed-tenure developer, has agreed voluntary undertakings with the
Competition and Markets Authority (CMA) which the CMA has confirmed
brings their investigation into the historical sale of leasehold
properties with doubling ground rent clauses by Countryside to a
close.
Countryside has given voluntary undertakings to the CMA under
which it will seek to remove all 10 and 15 yearly doubling clauses
from leases where the ground rent is not for the ultimate benefit
of a local authority or registered provider of social housing, at
no cost to leaseholders:
-- For leases where Countryside is the freeholder, Countryside is removing the doubling clause unilaterally.
-- For leases where Countryside is not the freeholder,
Countryside is seeking agreement with the owners of the freeholds
to remove the doubling clause from each lease.
Countryside expects to make a further provision of GBP5 million,
in addition to the GBP10 million provision previously announced for
the Ground Rent Assistance Scheme.
Countryside has not sold any properties with doubling ground
rent clauses since 2017. Countryside was not the subject of
mis-selling allegations in the CMA's investigation.
Iain McPherson, Chief Executive of Countryside, said:
"Countryside has engaged extensively and constructively with the
CMA throughout the course of its review to reach this positive
outcome for affected leaseholders."
ENDS
Enquiries:
Countryside Properties - 01277 260 000
Victoria Prior - Managing Director, Corporate Affairs
Brunswick Group LLP - 020 7404 5959
Nina Coad / Robin Wrench
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
AGRUVUNRARUKARR
(END) Dow Jones Newswires
September 15, 2021 02:24 ET (06:24 GMT)
Countryside Partnerships (LSE:CSP)
Historical Stock Chart
From Aug 2024 to Sep 2024
Countryside Partnerships (LSE:CSP)
Historical Stock Chart
From Sep 2023 to Sep 2024