U.S. hedge fund Baupost is claiming £158M in damages in a legal battle over the sale of a 4.7M SF development scheme that is partly built yet almost entirely empty, Bisnow can reveal. A particulars of claim form filed earlier this month in the King’s Bench division of the UK High Court outlines the details of Baupost’s allegations against DPK, a UK property company run by investor David Maxwell. Baupost claims it had an exclusivity agreement to buy existing offices, land and energy infrastructure at the Royal Albert Dock site in east London, part of a joint venture with DPK, and that it would possibly develop the rest of the scheme’s first phase, as well as subsequent phases, on land owned by the Greater London Authority. But at the last minute, per the claim, DPK said it would pursue the deal with alternative funding. 
Baupost is claiming damages that would equate to the profit it would have made from buying the scheme with DPK. The fund said it would lose out on £2M of profit from buying the six existing buildings on the site; at least £56M from the assets yet to be developed as part of…  Read the full story here. | 
