Icelandic bank takes over London scheme while CPC to run 9900 Wilshire in Beverley Hills instead
Candy & Candy has ended its role as development manager on the £300m Noho Square project in central London after a deal that gives control of the site to Icelandic bank Kaupthing.
Christian Candy's CPC Group has carried out a swap with Kaupthing, which was nationalised by the Icelandic government earlier this month.
The swap gives Kaupthing the equity and shares in Noho Square in exchange for the 9900 Wilshire project in Beverley Hills, which will now be run by CPC.
Following the deal, Candy & Candy will remain development manager and interior designer for the US project but will cease to be development manager at Noho Square in London's Fitzrovia.
However, Kaupthing has begun looking for a joint venture partner for Noho Square from a shortlist that includes CPC.