Metrovacesa to sell HSBC HQ

Spanish Developer Metrovacesa is intending to sell the London headquarters of HSBC back to the bank for over £800m.

Indicative of the current slump in property values the figure is £170m less than what the company paid for the building nearly 18 months ago

Metrovacesa, which has debts totaling nearly £7 billion, acquired the building from HSBC for £1.1bn in the summer on 2007, a record property deal at the time.  As an alternative to an outright sale back to the bank the developer is also interested in restructuring the loan which HSBC issued, but this may prove problematic given the current lack of liquidity in the markets.

The developer is perceived to be in a precarious position because of a lack of interest from other parties to buy the location or offer finance so that they are able to retain it.  Metrovacesa ,crippled by the collapse of the Spanish property market, is also fighting off administration.

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