From: Simon Pratt
Sent: 13 May 2021 19:19
To: Yasmin Naqushbandi <ynaqushbandi@****>
Subject: Ballymore Fund for Cladding Works Across the Portfolio
Good to speak with you earlier and thanks for taking my call.
As advised, I am pleased to share with you the following statement from Ballymore and the commitment of funding towards cladding remedial works.
Over the past month, we have held meetings with leaseholders at a number of developments within our portfolio to provide an update on progress with fire safety cladding remedial works and to answer questions on building fire safety more generally. Following these meetings, we are keen to provide additional financial reassurance to leaseholders in respect of the cladding remediation works planned.
We confirmed to the Government (MHCLG) in February that we have allocated a £15million fund contribution to fire safety related cladding works across our portfolio. Today we announce we are increasing that to £20million, to support leaseholders with the cost of fire safety remedial works across our portfolio. This will be used to fund shortfalls between the cost of works and what will be covered by the Government funds.
We will endeavor that all costs of remedial works for fire safety can be covered between the Government’s Fund and Ballymore’s Fund. However, we will not be able to commit this until such time as the relevant approvals are in place for the Building Safety Fund. We await the scope of works for each building to fully understand the nature of the shortfalls across affected properties under our management. We hope to clarify this by September.
I look forward to speaking with you again soon – Eid Mubarak!
Have a good evening.
Ballymore Asset Management Limited
+44 (0)20 7510 8386
+44 (0)77 8855 5244
161 Marsh Wall
London E14 9SJ
+44 (0)20 7510 9100 (Press option 1)