The Leadenhall Triangle development site, owned by clients of Investream, was put into administration yesterday.
The £172m AMG Portfolio Loan secured against the buildings on the City site, which was earmarked for a 1.25m sq ft office development, matured in April, and was put into administration by the Royal Court of Guernsey at 12noon on 16 November.
The decision to move to administration was taken by Hatfield Philips International following a failure to agree an acceptable restructuring of the loan with the borrower.
Hatfield Philips,
Following a comprehensive due diligence process, a detailed proposal was put forward to the borrowers which allowed continued ownership in exchange for partial paydown and a deleveraging of the lenders’ positions.
Philip Byun, vice president at Hatfield Philips, said: “The decision to file for administration was not taken lightly. After several months of negotiation, a consensual way forward could not be achieved.
“Our goal is to maximise the recoveries for all lenders and in cooperation with our advisor (Cooke & Powell LLP) and joint administrator (Mark Batten and Stephen le Page of PricewaterhouseCoopers CI LLP), we will now be implementing our strategy which will include driving substantial business plans for the five buildings and exploring the prevailing strong interest in these assets with third parties.”
james.buckley@estatesgazette.com
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