Spanish property company Metrovacesa has reportedly asked for a further extension on the £230 mln (EUR 292 mln) the company is due to pay to insurance group Legal & General. According to the Financial Times, the Madrid-based company has a deadline on October 31 to pay the remainder for the 100,000-m[sup]2[/sup] Walbrook Square development it acquired in the City of London last year for £240 mln.
Spanish property company Metrovacesa has reportedly asked for a further extension on the £230 mln (EUR 292 mln) the company is due to pay to insurance group Legal & General. According to the Financial Times, the Madrid-based company has a deadline on October 31 to pay the remainder for the 100,000-m2 Walbrook Square development it acquired in the City of London last year for £240 mln.
The Spanish company, which faces EUR 7 bn in debt, is trying to renegotiate the terms of the deal with L&G, the FT reported. According to the paper, Metrovacesa wants an extension of up to 12 months, but it is still not clear whether L&G will consent to any changes.
Metrovacesa brokered a deal in September last year for the 88,000 m2 complex. It paid an initial £12 mln deposit, with the remainder owed by end-May this year. However in May the company was able to get a second extension on the payment.
