Mon, 17 Jan 2011 | BUSINESS SALE
Teachers Insurance and Anuity Association – College Retirement Equities Fund (TIAA-CREF) has acquired some of property developer Targetfellow's portfolio of properties following its administration last year.
The US-based firm – one of the largest pension funds in the world - has purchased the unfinished 'Can of Ham' development at 70 St Mary Axe in London for around £20 million.
The purchase of the site by TIAA-CREF, which already owns 60 St Mary Axe, gives the firm total control over the entire development.
Alongside this recent sale, Deloitte - the firm appointed as administrators by Targetfellow – has sold off other properties from the portfolio in London, Birmingham, Stockport and Norwich. The administrators are working to recover around £700 million in outstanding debts to Lloyds Banking Group.
Targetfellow filed for administration last October after it lost a court case against the banking group relating to expired loans.
Just prior to the TIAA-CREF purchase, Deloitte sold Centrepoint, located in London's West End, to Almacanta, for more than £120 million.
Negotiations surrounding the other sites belonging to Targetfellow are ongoing, with numerous buyers said to be waiting in the wings.
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