Targetfollow looks to offload Centre Point

Targetfollow, the Norwich-based property developer and owner, is looking to offload part of its property portfolio, including London's landmark Centre Point tower.

The move to sell comes as the £700 million HBOS loan facilities that back the properties approach maturity this year. At the time of establishment, the loan involved 10 properties.

The company's portfolio – estimated to be worth £500 million - also includes the 'Can of Ham' City of London office development.

Executive chairman, Ardeshir Naghshineh, said the decision followed a significant discussion period.

“Targetfollow has for some time, been in constructive discussions with its principal bank lender, Lloyds Banking Group, with regard to its current banking facilities," he said.

“At the same time, the group is actively reviewing its future funding options and considering the sale of assets."

“Expressions of interest have been received from a number of parties and these are currently being evaluated by Targetfollow and its advisers.”

The company would not elaborate further on the sale or what it meant for them.

Mr Naghshineh appeared at number 228 on last month's The Sunday Times Rich List with £301 million – down 61 places from last year, when his wealth was estimated at £320 million.

Targetfollow experienced a £30.5 million pre-tax loss in 2008/09 on a nationwide property portfolio worth £3 billion. Its turnover, however, rose by almost £10 million to £49.2 million in the year to March 31, 2009.

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