Northgate Update

10 October 2008

Update on the current position with regard to discussions between ING Real Estate and the City Council concerning the Northgate Development.

At a recent meeting ING Real Estate re-affirmed their commitment to delivering this prestigious project, despite the ongoing credit crunch and economic uncertainty.

ING Real Estate has spent the summer talking to potential development partners for the project and these detailed discussions will continue over the next few weeks before a clearer statement of its position can be made.

City Council Executive Member for Development Cllr Stuart Parker said: “We have been reassured that ING Real Estate is as committed as we are to delivering the Northgate regeneration. These are very difficult economic times, but we are pleased that the potential development partners working with ING Real Estate are being so positive about the project.”

“We will continue our dialogue with ING Real Estate and will await the results of the discussions with their potential development partners at which time we will have a clearer picture of the situation and will be in a better position for some firm decisions to be made.”

 

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