BusinessCorporate FinanceKPMG in court tussle over property deal

KPMG in court tussle over property deal

Big Four firm makes claim against Equity Trust (Jersey) in high court

KPMG has reached the
high court in
its effort to sue a former client for nearly £1.5m over a refusal to appoint the
firm as agents for a sale of UK shopping centres.

The Big Four firm has made the claim against Equity Trust (Jersey), which is
acting on behalf of Ironzar Trust, but the firm faces a countersuit for acting
negligently and failing to exercise reasonable care.

KPMG claims it should have been appointed as agents for the sale of two
properties – Queensmere Shopping Centre and the Observatory Shopping Centre –
which were sold for £192m.

The firm was contracted to provide a feasibility study into the sale of the
two Slough sites, plus Stockport-based Merseyway Shopping Centre, and would
serve as selling agent if the project were aborted, but if the properties were
marketed for sale at a later date.

KPMG also proposed selling the centres through a collective investment
scheme.

Another adviser expressed doubt about such a scheme, prompting a counterclaim
from Equity Trust over negligence and a failure to exercise reasonable care.

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