On April 23rd 2018 a company was registered on the Luxembourg equivalent of Companies House. The name of this company was F55 Sterling Folkestone S. à r. l., Luxembourg an offshore jurisdiction, used for “tax efficiencies“. A director/manager (one of three) of this company is a Mr Diego Rico (pictured), company executive, Westbrook Partners, who is a Global Financial Control and Operations Office, based at their headquarters in Florida, (USA).
Westbrook Partners – is an American private equity company, registered as a company in Delaware in 2014. Goldman Sachs have recently purchased a minority share in the company.
Westbrook invests money from public and private pension funds, endowments, foundations, and financial institutions, mainly based in America – and largely in Texas. These include investments on behalf of many lower-paid workers including firefighters, teachers and other public sector employees. The Texas Permanent School Fund, the nation’s largest education endowment, committed $375m to Westbrook 2008 and 2014, while the Teacher Retirement System of Texas has invested $150m.
The New York State Teachers Retirement System and the Pennsylvania State Employees Retirement System have invested $50m and $30m respectively. The Ohio Police & Fire have committed $30m.
The address the company is registered at, 160 Greentree Drive, Suite 101, Dover, US-DE 19904, appears in the Panama Papers not once, but twice. There are those who consider the state of Delaware a corporate tax haven – an offshore jurisdiction.
In Nov 2014 Westbrook featured in the Guardian regarding a story where Westbrook purchased the New Era housing estate with the help of Richard Benyon, the Conservative MP – the richest man in the House of Commons – whose multimillion-pound family estate was a partner on the deal. They informed the 96 households that they planned to charge “market rents” on an estate that had provided affordable accommodation since the 1930s. – Gentrification?
Westbrook Partners sold the New Era Estate to charitable landlords, the Dolphin Square Foundation in late 2014, after nearly 350,000 people signed a petition backing the residents of the New Era Estate. Resident and mum Lindsey Garrett who started the petition on change.org said: “This is a massive victory for us and we’re all delighted with the news.
F55 Sterling Folkestone S. à r. l, bought Lympne Industrial Park, Otterpool Lane, Lympne, Hythe CT21 4LR, on the 19.07.2018 and paid £9,686,701 according to land registry documents.
Purchased by F55 STERLING FOLKESTONE S.A.R.L. on the 19/07/2018