Spain's largest property company Metrovacesa is reportedly in talks to sell the HSBC building in London's Canary Wharf back to the bank as its £810 mln loan on the asset matures on Thursday, Bloomberg reported. According to the news agency, the two groups are negotiating the price for the sale after Metrovacesa failed to refinance the acquisition.
Spain's largest property company Metrovacesa is reportedly in talks to sell the HSBC building in London's Canary Wharf back to the bank as its £810 mln loan on the asset matures on Thursday, Bloomberg reported. According to the news agency, the two groups are negotiating the price for the sale after Metrovacesa failed to refinance the acquisition.
Metrovacesa bought the flagship 45-story tower last year for £1.1 bn and financed the deal with a £810 mln short-term loan from HSBC that matures by November 27. The deal was the UK's largest single asset transaction ever.
Today the skyscraper is said to be worth around £800 mln, about 30% less than last year.
