Wealth Manager - Essential news for investment professionals

Register to get unlimited access to all of Citywire’s Fund Manager database. Registration is free and only takes a minute.

Banbury cross: Swip and Aegon renew hostilities with rival minnow

Banbury cross: Swip and Aegon renew hostilities with rival minnow

Two huge property funds have appealed against a court decision to let a smaller competitor develop a retail park.

In December the High Court dismissed demands from Scottish Widows and Aegon for a judicial review of the planning permission granted to the £250 million LXB Retail Properties fund for a proposed retail development near Banbury.

Both Scottish Widows and Aegon through its £744 million UK Property fund own retail properties in the area, LXB noted.

But despite last month’s setback, both Scottish Widows and Aegon have now filed for permission to appeal against the High Court’s decision on the grounds that the local council failed to secure the appropriate Section 106 agreements for the development.

LXB stated that it was ‘disappointed’ by this move, but maintained that the ‘intended appeals are wholly without merit’. The fund confirmed that it would argue that Scottish Widows and Aegon were ‘motivated by commercial, rather than legitimate legal, considerations’.

A spokesperson for Kames, which runs the Aegon fund, told Wealth Manager: ‘We were extremely disappointed with the outcome of the original judicial review as we believe that granting planning permission for the Banbury Gateway will be detrimental to the existing retail provision in Banbury town centre and to Banbury Cross Retail Park.

'We maintain that there is currently an over-supply of retail outlets in the town, with several premises remaining un-let and the scale and nature of this latest proposed development will only exacerbate this. We are taking this action on behalf of our policyholders who are ordinary people who invest in property to make provision for their retirement and whose interest we have a fiduciary duty to protect.’

Scottish Widows declined to comment.

Leave a comment!

Please sign in or register to comment. It is free to register and only takes a minute or two.
Citywire TV
Play Tesco, Japan and the rise of the central banker

Tesco, Japan and the rise of the central banker

 Libby Ashby and leading wealth managers scrutinise the food retail sector, Japan’s consumption tax hike and political risk in the markets.

Play Colin McLean's mid-cap picks

Colin McLean's mid-cap picks

The SVM director and fund manager on his pick of the UK mid-caps.

Play Gervais Williams: the real reason to worry about Quindell

Gervais Williams: the real reason to worry about Quindell

Citywire AA-rated manager Gervais Williams has argued that sentiment is the true danger to Quindell.

Your Business: Cover Star Club

Profile: Psigma's Edinburgh boss on why he is in Scotland long term

Profile: Psigma's Edinburgh boss on why he is in Scotland long term

When Tim Wishart agreed to launch an Edinburgh office for Psigma he was not expecting to  head the company’s first overseas team

Wealth Manager on Twitter