Almacantar possibly in line to acquire Centre Point office block for £120m

Article posted: 19 Dec 2010

According to today’s Sunday Times, property investment company Almacantar may be about to acquire former Targetfollow asset Centre Point from administrator Deloitte.

 

Unconfirmed reports say that Almacantar, which was co-founded by former Land Securities executive Mike Hussey, could pay in the region of £120m for the 32-storey offices in Central London.

 

Targetfollow was placed in administration in October, despite extensive talks and even the intervention of Norfolk MPs who tried to save the Norwich-based property company after it failed to agree a new debt facility with Lloyds Banking Group Plc.

 

Targetfollow were unable to find a joint venture partner for its central London portfolio and when its £230m loan expired in July it was faced with a partial sale of the business or administration. A further £454m of banking facilities then expired in October.

 

Other assets in the portfolio include offices in Wembley and 40 Bernard Street in Bloomsbury, which is occupied by Holiday Inn and which Targetfollow believed to have strong asset management potential.

 

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Posted by Jules Harrison