INDUSTRY NEWS

L&G will push Metrovacesa to buy

Fund manager Legal and General is to go to court to force the developer, Metrovacesa, to finalise its purchase of a City development, it has been reported.

The Spanish company agreed to buy the site at Walbrook Square in the City of London for £240 million and promised to complete at least one building.

However, since the agreement, commercial property values have fallen and the site is reported to be worth less now than its agreed value.

The scheme has been designed by architects, Jean Nouvel and Lord Foster and if completed would be one of the largest developments of new offices (in Britain?)

Located near Bank underground and opposite Canon Street mainline station it is well placed for companies looking to rent commercial property in London.

The Financial Times has reported that one of the disputed points concerns a deal to include a new underground station entrance within the scheme.

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