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zugzwang

Receivers Called In To Heron Tower

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The UK's very own invisible skyscraper. Invisible to prospective occupants, that is. :D

Frankly, the only way you could improve it would be to knock it down.

http://news.sky.com/story/1143287/bust-up-erupts-over-ronsons-city-skyscraper

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By Mark Kleinman, City Editor

One of the tallest buildings in the City of London is at the centre of a titanic power struggle following a bust-up between its shareholders.

Sky News can reveal that bankers to the 46-storey Heron Tower on Bishopsgate, which briefly became the financial district's biggest skyscraper, are contemplating calling in receivers in the coming days as a consequence of the row.

The move, which would result in the Tower being put up for sale, would come despite last-ditch talks between its three investors, who are led by Heron International, the developer headed by Gerald Ronson, the property entrepreneur.

The other shareholders are the State General Reserve of Oman and undisclosed members of the Saudi Royal Family. The three are said to be in dispute over the management of the building as well as the circumstances in which they can realise value from their investments.

The appointment of receivers would underline a remarkable failure for a skyscraper hailed as a symbol of the City's efforts to shed the legacy of the 2008 financial crisis when it opened three years later.

Although lauded by property critics, the Heron Tower has rented out just 60% of its available space since opening in March 2011. When fully let, it is expected to command total annual rent of in excess of £25m, according to previous reports.

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How soon we forget Ronson doing jail time for his role in the Guinness scandal

After which the politicians told CPS never again prosecute in the City...

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