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4 New Square members involved in multimillion pound property unit trust claim

Date: 22/09/2011

On 9th September 2011 Eder J handed down judgment in the Commercial Court in a claim by a trustee of an Enterprise Zone Unit Trust (and its sponsor) against a professional adviser arising out of the trust’s purchase of a factory outlet centre in an Enterprise Zone in April 2001.  The adviser was held to have advised negligently as to commercial prospects and value of the centre.  Damages were awarded on a diminution in value basis in the sum of £18.05m plus interest.  The trustee and sponsor was represented by Sue Carr QCGraham Chapman and Lucy Colter. The valuer was represented by Roger Stewart QC and Sian Mirchandani.  Capita Alternative Fund Services (Guernsey) ltd v Drivers Jonas [2011] EWHC 2336 (Comm).