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U.K. Developer Pledges Building Safety in Wake of Grenfell

  • Crest Nicholson says it faces costs of as much as $157 million
  • U.K. government to place more responsibility on developers
Floral tributes at Grenfell Tower in London.

Floral tributes at Grenfell Tower in London.

Photographer: Hollie Adams/Bloomberg

Crest Nicholson Plc intends to sign the building safety pledge set up in the aftermath of the Grenfell fire in 2017 to improve standards that may cost the U.K. developer as much as 120 million pounds ($157 million).

The company’s best estimate of further liability as a result of the pledge would be 80 million pounds to 120 million pounds, according to a statement Tuesday. Since 2019, Crest Nicholson has recorded 47.8 million pounds of net charges from obligations imposed after the fire at Grenfell Tower in London in which flammable cladding materials contributed to the deaths of 72 people.