Sun, 11 Dec 2016 | COMMERCIAL PROPERTY
Three prime London properties have been put up for sale by German bank HSH Nordbank.
The properties are part of a loan portfolio that the bank is anxious to divest before its planned privatisation next year. The London properties include the Cannon Place base of law firm CMS, Cisco System’s HQ at Bedfast Lakes not far from Heathrow and Man Group’s offices at Swnn Lane, London EC4.
It is thought the bank will consider separate bids for the properties, however the buyers will have to take on the accompanying debt. Trophy commercial properties in London have been lean on the ground since the Brexit vote, and the HSH sites will undoubtedly attract much interest, including from private equity groups.
Although HSH reported pre-tax profits of 450 million euros in 2015 it has revealed a substantial rise in shipping loan provisions. CEO Stefan Ermisch still expects the business to remain in profit this year.
The shipping sector has been hit by tough competition amidst slowing global trade and a glut of container ships.
HSH plans to transfer €5bn of bad loans to Hamburg and Schleswig Holstein, the two states that together own around 80 per cent of the company. It is now trying to sell the €3.2bn balance of debt on the market and is reporting ‘significant investor interest’.
A family run business in its third generation, supplying office furniture nationwide either directly or through white label websites on behalf of other retailers. Having built up an excellent reputation for the product range and service provided, the...
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Indicative offers are required by noon of Tuesday 22 September 2020, with a sale concluded by no later than the close of business on Friday 25 September 2020 and therefore only parties that are able to work within this time frame should respond.
Presenting to the market a well established 2 surgery practice due to the vendors plans to reduce responsibilities. Income is derived from fee per item patients and a large capitation scheme which equates to 32% of the practice income.
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