INDUSTRY NEWS

Kaupthing gets closer to finding partner

Troubled Icelandic bank Kaupthing is now closer to finding a partner for its central London development scheme.

The lender is said to be in discussion with Elliot Bernard, Chelsfield Partners, Stanhope and Great Portland Estates.

The bank itself could be taken over by Danish lender FIH, with the new owner possibly taking over its assets, Iceland Review online has reported.

Bidders have valued its Noho Square site at between £50 and £80million, according to Property Week.

The scheme has received planning permission and any partner would have the chance to redesign the proposed build.

It was intended Noho Square would feature commercial property as part of a mixed-use development of 821,000sq ft.

Kaupthing’s assets are up for sale following the bank’s nationalisation – like many others it has suffered following a downturn in global economic conditions.ADNFCR-1329-ID-18889638-ADNFCR

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