INDUSTRY NEWS

HSBC wants its commercial property back

HSBC wants to buy its flagship commercial property back, it has been reported.

The bank is in talks with current owner Metrovacesa, after selling the Spanish property company its Canary Wharf headquarters only 12 months ago.

If the lender were to secure a deal, it could be for much less than the tower was sold for.

Metrovacesa is looking to restructure more than £7 billion of debt and has failed so far to raise cash from other investors.

The company has only until the end of November to refinance a loan taken with HSBC, which it used to buy the tower.

The Financial Times has reported agents now value the prime commercial property at £800 million – Metrovacesa bought it from HSBC for £1 billion only this summer.

Financial and banking companies often consider having imposing offices in London a symbol of their success.ADNFCR-1329-ID-18831397-ADNFCR

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