‘Fireworks’ in REC 6 meeting
Noel Smyth, the property developer behind troubled CMBS REC 6, caused "fireworks" in a bondholder meeting this week. Smyth disputed figures provided by independent real estate advisor CB Richard Ellis, which said that £41m of capital expenditure would be required by the properties backing the REC 6 CMBS. He claimed a lower figure, including a rent-free period to deal with some leases on the properties which are due to run off.
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