Major falling-out at Stonemartin.
Investors Chronicle - magazine and web content, January, 2008
Stonemartin needs new partners Nigel Bolitho
Back in 2001, Stonemartin teamed up with Norwich Union (NU) and Hermes (BT's pension fund manager) to set up a limited property partnership. The deal involved the institutions buying suitable city centre properties, which were then to be developed into serviced offices by Stonemartin, which would act as property manager.
Eighteen months ago, Stonemartin managed five such offices and was hoping to acquire five more - but this is no longer the case. Last summer, NU and Hermes informed Stonemartin that they wanted to terminate the agreement on the serviced offices in Reading and, accordingly, gave 18 months' notice. The two institutions also told Stonemartin that a proposed new office development in Bristol...
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