Saturday, Nov 29, 2008
Inverse economics?
Times Online: Metrovacesa asks HSBC to buy back London HQ
Metrovacesa, the troubled Spanish property company that bought HSBC’s European headquarters at Canary Wharf less than two years ago, wants the bank to buy it back...Metrovacesa has failed to refinance debt secured on the building, and has decided to offer the 45-storey tower back to HSBC for £838 million – £150 million less than the record-breaking £1.09 billion that the Spanish company paid for it...
Posted by whostolemyendowment @ 12:18 PM (517 views) Add Comment
6 Comments
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1. Undercover said...
Report Financial crisis: Iceland
saver by Icesave in there's still a great deal of uncertainty of there money.
During credit crisis iceland is going bankrupt and OWK come into financial difficulties.
poor Queen Patricia she losing all her money after credit crisis .
Remember this my friend , even the OWK will soon be just a memory so good as well!
castles.glo-con.com/property.php?property_no=AD1_22340
2. Undercover said...
Report 0WK in Financial crisis by bankrupt Iceland!
saver by Icesave in there's still a great deal of uncertainty of there money.
During credit crisis iceland is going bankrupt and 0WK come into financial difficulties.
Poor Queen Patricia she losing all her money after the credit crisis .
remember this my friend , even the OWK will soon be just a memory so good as well!
castles.glo-con.com/property.php?property_no=AD1_22340
3. wiltshire said...
Only losing about 10% on the deal would be great business for them in the current climate. What's Spanish for 'fat chance'?
4. Old_traveller said...
"What's Spanish for 'fat chance'?"
Ni de coña
5. drewster said...
Clever deals like this are why HSBC don't need government bailouts
6. iguana said...
If this was as I suspect a tax avoidance scheme, then the tax disadvantage involved in a buyback would bring tears to the eyes.