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GL to challenge government valuation of expropriated UK asset

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GL to challenge government valuation of expropriated UK asset

Singapore-based real estate company GL Ltd. said it intends to challenge the £27.5 million valuation given by the U.K. Secretary of State for Transport for its Thistle-Euston hotel in London as the group's own valuation "significantly" exceeds the amount.

The United Kingdom Department for Transport issued a compulsory purchase notice on the asset Feb. 23, 2017, due to expropriation of the site where the agency plans to construct a railway line. Under the compensation process, the U.K. Secretary of State for Transport would produce its own valuation of the asset and make an interim payment equivalent to 90% of its valuation.

GL said it has received £24.8 million as interim payment Jan. 29.