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.
This project represents the opportunity to acquire a traffic management service which has achieved extraordinary growth since its inception in 2022. The business has already managed to build strong relationships with their clients, many of whom retur...
Established in 2004, the business surpassed £1m in annual revenues for the first time in 10 years. This followed a decision made a decade ago to focus the company on more profitable and specialised work. The approach has been very successful and the...
This is a truly unique opportunity to acquire a market-leading company that has operated and evolved in a specialised technological sector for over 20 years. With their rich and longstanding history, the business has managed to build an impressive an...
Please choose your settings for this site below. For more information please read our Cookie Policy
These cookies are necessary for our website to function properly and provide you with access to all features.
These are analytics cookies that help us to improve the way our website works.
These are used to improve the functional performance of the website and make it easier for you to use.