Mon, 28 Mar 2011 | ADMINISTRATION
Property firm Almacantar has acquired London's Centre Point tower following its administration.
The Grade II listed tower, located near Tottenham Court Road tube station, was put into administration last year following its owner Targetfollow's default on a loan. The firm had debts of £700 million to Lloyds.
Almacantar was formed in 2010 by Mike Hussey, the ex-Land Securities executive, and it is rumoured to be considering transforming the tower into residential accommodation, after an initial focus on improving rental income from commercial clients.
Mr Hussey released a statement following the exchange of contracts, in which he said, “In the medium term, we expect the building to provide exceptional office accommodation at a point when demand for West End offices will be high and competitive support low.”
The tower is currently home to the oil company Saudi Aramco as well as the Confederation of British Industry (CBI) and several floors are lying empty.
According to reports, Almacantar is said to have arranged discussions with Camden Council regarding planning permission to allow it to convert some of the tower into luxury residential apartments.
Almacantar has not disclosed the purchase price, but it is rumoured to be around £120 million.
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