Karis remains commited to the King Alfred Project
Karis Developments remains committed to the King Alfred project following the decision by ING Real Estate to withdraw funding.
Karis Holdings, a joint venture between Karis Developments and ING Real Estate, has been working closely with Brighton & Hove City Council to realise the plans for a new sports facility, funded by the development on the site of two residential towers and surrounding residential blocks that gained planning consent in March 2007.
In a statement Guy Parker, Country Manager of ING Real Estate for Development UK said: “The volatility of the money markets, along with the escalating material and construction costs, and the downturn and uncertainty in the residential market, have had a major negative impact on viability of the scheme. In the current circumstances the scheme does not perform against our target criteria. It is with regret that we have decided to withdraw.”
Karis Developments now has sole control of Karis Holdings and aims to bring in another investor to take the scheme forward.
Josh Arghiros, Managing Director of Karis Developments said: “Karis Developments remains committed to the King Alfred Project. We are in negotiation with other investors and will be working with the City Council to see how the viability of the scheme can be improved.”
