INDUSTRY NEWS

Fenchurch Street could go in AIG sale

Troubled insurer AIG could be forced to sell it company headquarters in Fenchurch Street, as part of its commercial property sell-off.

The company holds more than £8 billion of property assets, which total in excess of 53 million sq ft of space.

Chief executive Edward Liddy said the company plans to “take those assets which are probably very valuable, but can also be digested by buyers in relatively manageable bites, and we will simply start to market them”.

AIG needs to raise cash to repay its US government loan – should the debt go unpaid almost 80 per cent of the firm will be hoovered up by the US administration.

Its stake in City Airport could go under the hammer, along with its global headquarters at 70 Pine Street in lower Manhattan.

“I hope within the next seven to ten days to be out there with a plan that lists everything that’s for sale and maybe even execute some of those transactions by then,” Mr Liddy added.
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