INDUSTRY NEWS

ING steps back from sale of city offices

Insurer ING has decided not to sell its commercial property asset, 88 Wood Street, after failing to find a buyer.

On the market for £240 million from April, a successful sale of the building would have netted the firm a yield of 5.25 per cent.

“We can confirm that Wood Street has been withdrawn from the market,” an ING spokesperson told Property Week.

HSBC, however has confirmed it will take back control of its flagship Canary Wharf building from Metrovacesa.

Its group chief operating officer David Hodgkinson said the property at 8 Canada Square “is a landmark building and this transaction is in the best interests of both parties and HSBC shareholders”.

The deal is an important one for the bank. A global shortage of credit has hampered commercial lending and banks have come under increasing pressure from the UK government to increase lending to consumers.ADNFCR-1329-ID-18915737-ADNFCR

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