Estate company sues Twitter over unpaid rent in UK

Forum 1 year ago

Estate company sues Twitter over unpaid rent in UK

The Crown Estate has sued microblogging site, Twitter over alleged unpaid rent for their London headquarters in the United Kingdom, BBC reported.

The Estate, which manages a property portfolio belonging to the King – filed a claim against Twitter in the High Court in London last week.

According to the BBC report yesterday, the alleged arrears relate to office space near Piccadilly Circus in central London.

The social media giant has not responded to the allegation leveled against them by the estate.

The allegation surfaced as the latest challenge facing Elon Musk, the world’s second richest man amid the cutting of the firm’s global workforce of around 7,000.

Musk acquired Twitter with $44bn (£36bn) in October last year and he has faced many challenges

Legal action has been taken by the Estate after previously contacting Twitter about rental arrears over office space at Air Street.

The Estate is one of the UK’s largest landowners and an independent commercial business, generating profit for the Treasury for public spending.

The monarch is then given 15% of the annual surplus of the estate, known as the Sovereign Grant, to support official duties

It owns 10 million sq ft of property in London’s West End, as well as the seabed around England, Wales, and Northern Ireland among other properties.