Tue, 15 Feb 2011 | BUSINESS SALE
The Aviva Tower in London's Square Mile has come onto the market with a price tag of £284 million.
The 23-storey tower, which withstood the IRA bomb blast almost 20 years ago, is being marketed on behalf of CB Richard Ellis Loan Servicing (CBRELS) by CBRE and Knight Frank.
Comprising serviced offices, the block is one of the infamous 'White Tower' portfolio of properties, which was formerly owned by tycoon Simon Halabi.
Following the credit crunch, the value of the portfolio fell far below the level of debt secured against it and White Tower was forced to default on its loans. Halabi then lost control of his property empire and was declared bankrupt in April last year.
The tower, which is expected to attract interest from pension funds, carries a price tag which equates to an initial net yield of 5.5 per cent.
CBRE has released a statement reading, “This quoting price is intended only as a guide to the level of offers that may be taken seriously in the sales process and should not be taken to represent the expected sale price for the Aviva Property, which may ultimately be higher or lower than the quoting price.
“As with any property transaction, there can be no certainty as to whether any acceptable offers will be received,” the statement read.
The Aviva Tower, which is leased to insurance giant Aviva, is the last of the nine properties owned by Halabi to be put up for sale. The other eight properties were put onto the market early last year by BRE Loan Servicing in an attempt to repay creditors after bonds issued by Halabi defaulted in 2009.
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