Metrovacesa, Spain's largest property group, is seeking to sell the HSBC headquarters in London's Canary Wharf back to the bank for £838 mln (EUR 1.1 bn), just over one year after buying the asset in a sale-and-leaseback transaction for £1.1 bn (now EUR 1.3 bn).
Metrovacesa, Spain's largest property group, is seeking to sell the HSBC headquarters in London's Canary Wharf back to the bank for £838 mln (EUR 1.1 bn), just over one year after buying the asset in a sale-and-leaseback transaction for £1.1 bn (now EUR 1.3 bn).
In a statement to the Spanish stock market authorities early on Friday, the debt-strapped real estate company said its board has agreed to go ahead with the sale during a board meeting held on Thursday. The firm has a £810 mln loan on the asset from HSBC which matures this week. The company added it will continue to seek new refinancing possibilities until the closing of the transaction.
Metrovacesa bought the flagship 45-story tower in May last year in the UK's largest single asset transaction ever. The transaction value today is 25% less than 12 months ago.
Metrovacesa said it would book a EUR 98 mln loss from the sale of the HSBC building, denting NAV by EUR 1.4 per share.
