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Oracle's surprise cash offer leaves partygoers high and dry

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Six hundred guests to a launch party for a Richard Hywel Evans (RHE) scheme were left high and dry when the entire development was snapped up for £25 million on the eve of the party.

The 'Spanish-themed' Pegaso development in the heart of London's 'trendy' Hoxton is a seven-storey, 56-apartment scheme aimed at City workers.

But with partygoers preparing for their night out, the event - aimed at attracting buyers and developers - was unceremoniously ditched when Singapore-based Oracle Investments put £25 million on the table for the entire scheme.

A spokesman for RHE admitted that the surprise cash offer 'was bad news for the venue and the 600 invitees which included prospective buyers'.

He added: 'Oracle thinks that by the time the development is finished in May 2008 it will be worth far in excess of what they have just paid. Who said the London property market was cooling?'

by Max Thompson

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