LCA writes down Classical Renaissance

On the back of the news that Low Carbon Accelerator-backed housebuild Living Villages (see page 35) had been put into administration, LCA has also announced a write-down against its investment in Classical Renaissance, a developer of Spanish community-scale sustainable villages, from £2.5m to £750,000. LCA says it will not invest any more money into the company.

Classical Renaissance has had its designs for a zero-net carbon reduction and 98% water reduction development passed through two stages of the Spanish planning process. It had also received a re-financing proposal from an investor group if a restructuring of the company could be agreed. Therefore, LCA is maintaining a small carrying value in Classical Renaissance. LCA stated it will not support companies which are unlikely to produce a positive return of shareholders.

• Tweet  
• Facebook  
• LinkedIn  
• Google plus  
• Send to  

• Topics
• Industry
• UK / Ireland