Mon, 22 Nov 2010 | BUSINESS SALE
Following its administration earlier this year, the assets belonging to commercial property owner Targetfollow are being marketed for sale.
Administrators Deloitte have kick-started the sales process, which includes finding a buyer for some of the company's best-known assets, including London's Centre Point Tower.
Lloyds forced Targetfollow into administration over debts of £700 million. The creditor has now valued the company's assets at just £450 million, although its founder, Ardeshir Naghshineh, claims the figure is more like £680 million.
At the time of administration, Iranian businessman Naghshineh, accused Lloyds of a 'wanton destruction of value,' by pursuing the debts so strongly.
“Obviously we are disappointed at this turn of events because, as is widely understood in the property industry, myself and my expert team are the best people to extract full value from the portfolio.
“However, if the appointment of administrators stops the wanton destruction of value that has characterised the bank's interference over the past 12 months, then that will be a move in the right direction,” he said.
Potential buyers have been sent details of the Targetfollow portfolio and a fierce bidding war is expected to kick off, with most interest coming from private companies and private equity groups.
A Deloitte spokesman said, “The administrators are currently assessing market appetite for the assets either individually or as a group.”
Selling agents have not yet been appointed by Deloitte.
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