Friday, Sep 26, 2008
...and Metrovacesa is having problems selling the HSBC
Times Online: Songbird Estates suffers a £470m loss as banking crisis at Canary Wharf bites
Songbird Estates, which develops and leases most of Canary Wharf in East London, said yesterday that the value of its property portfolio fell by 9.6 per cent to £6.7 billion in the first half of the year.... Metrovacesa, the Spanish property company, is having problems selling all or part of the HSBC tower in Canary Wharf. It bought the skyscraper from HSBC in April 2007 for £1.1 billion, making it Britain’s most expensive building. Metrovacesa is selling the building to help to repay an £810 million bridging loan that expires at the end of November.
Posted by disillusioned @ 11:10 AM (277 views) Add Comment
2 Comments
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1. fancypants said...
this just gets more hilarious by the day... relying on Lehmans and insured by AIG! What a week for them eh?
2. disillusioned said...
I know. It did make me chuckle this morning!