A shopping centre formerly owned by property tycoon Simon Halabi which went into receivership in April 2009 is being put up for sale.
A stock exchange announcement released late last night said that receivers have advised that an immediate sale of the Times Square shopping centre in Sutton “should be pursued in order to maximise recovery value from the property”.
The statement from loan servicer said the sale strategy was a result of “falling rental values, lack of occupier demand, falling occupancy, loss of key tenants and the administration of an anchor tenant”.
It added that agents will be asked to propose a sales and marketing strategy for the shopping centre, following which an agent will be chosen to act in the sale.
The balance of the loan secured on the building is reported to be around £44.7m.
The loan was provided by Merrill Lynch, and later parcelled on and sold to bond investors as part of a commercial mortgage-backed securities issuance.
bridget.o’connell@estatesgazette.com
