Leas Pavillion crumbles, while money for development flows in from offshore company

As parts of the Leas Pavillion, Folkestone, begin to crumble unexpectedly, the developer, Olivier Georges Jacques Daelemans, is lucky that work is under way to protect and restore the building back to it’s original glory.

But from where is the money coming from to restore this iconic building?

According to Companies House, Mr Daelemans incorporated the Leas Pavillion Development Ltd on the 24 Nov 2020.

To get some money for the development, Companies House make it clear there is a loan agreement in writing between a borrower and a lender. The lender wanted security for their loans to Olivier’s company The security promised to the lender in case everything goes pear shaped is 7 & 8 The Leas, No 1 – 4 Longford Terrace, 2 Cheriton Place and the Leas Club (Pavillion). The lender to Leas Pavillion Development Ltd is Octopus Real Estate S.A.R.L.

Octopus Real Estate S.A.R.L are a Luxembourg based company, and Luxembourg is an offshore tax jurisdiction. The address Octopus use in Luxembourg, not the company itself, is mentioned in the ICIJ Offshore Leak database

When we last wrote about the Leas Pavillion, in March of this year, Olivier (pictured), said confidently, and quietly to our public face.

‘We’ve sold 20 apartments, and there are more people in the queue to sign up. I really want to get, how do you say it ‘cracking on”.

And people are prepared to pay up to £925,000?

‘Oh yes‘ he says while nodding, ‘but the cheapest apartments are £285,000‘

He’s eager to make clear the development will be built out in phases.

The construction company to build out the site is Ant Yapi UK Limited, which is owned by Ant Yapi Sanayi Ve Ticaret A.S, based in Turkey.

The Development Director for the Leas Pavillion development, is Selahattin Yalcin, who was between July 2016 and Sept 2020, a Project Director for Ant Yapi.

The architect is Hollaway Studio’s based in Hythe, the structural engineer is Manhire, and services engineer is Hoare Lea.

Let’s hope this experienced team, along with the offshore money flowing into the development, to build it out will prevent any further crumbling of this much loved local building.

Finally, let’s not forget, this is not the only development in the district backed by money flowing in from Luxembourg. The proposed 132 Homes for High Knocke, Dymchurch, is also backed by offshore money from Luxembourg, as well.

There are legitimate uses for offshore companies and trusts. The inclusion of a person or entity in this blog post is not intended to suggest or imply that they have engaged in illegal or improper conduct.

The Shepway Vox Team

Dissent is NOT a Crime