Cyprus banking levy ‘will not affect Brighton development’ (From The Argus)

Cyprus banking levy ‘will not affect Brighton development’

2:11pm Thursday 21st March 2013 in Business News By John Keenan, business editor

A property developer has moved to quash fears that the Cyprus banking scandal could scupper a major development near Brighton station.

Roquebrook is the firm behind plans for a hotel and office development in the New England Quarter.

It is a trading name of Zatricium Holdings Limited, a company incorporated under Cypriot law with its registered office in Nicosia.

Director James Gonzalez said the proposed EU banking levy on Cyprus bank accounts would not affect the development. He said the firm had set up two special purpose vehicles – Fourshore (Hot) and Fourshore (Off) – to buy the land at Block J.

The Coast to Capital local enterprise partnership has pumped £5.5 million into the scheme.

A spokesperson for Coast to Capital said the funds had been given to the two SPVs, not to Roquebrook.

He said: “Roquebrook brought the project to Coast To Capital but it will not receive any monies from the Growing Places Fund.”