PIE Events
- German Property Breakfast
14 February 2012
Stockholm
- Distressed Property Breakfast
22 February 2012
London
- Central and Eastern Europe Real Estate Conference
03-04 May 2012
Vienna, Austria
Metrovacesa obliged to sell HSBC tower back at ₤250m loss
HSBC said it will make a gain of ₤250m from the repurchase of its European headquarters in London from Spain's listed property firm Metrovacesa. It agreed to pay ₤838m for the skyscraper in London's Canary Wharf. Metrovacesa failed to refinance a vendor loan secured on the building and was obliged to sell it at a loss to raise cash. The Madrid-based firm is grappling with debts of e7bn, and recently converted some outstanding liabilities into a 53% equity stake to creditor banks.