Almacantar closes in on Centre Point
Estates Gazette Interactive

Almacantar closes in on Centre Point

Mike Hussey’s Almacantar is in talks to buy the iconic Centre Point tower on New Oxford Street, WC1, from the administrators to a portfolio of Targetfollow assets.

According to the Sunday Times, Almacantar, which was set up by former Land Securities London chief Mike Hussey last year, has entered exclusive talks with administrator Deloitte to buy the 33-storey, Grade II listed tower, which is valued at around £120m.

The portfolio of properties was placed into administration following a lengthy battle between Targetfollow Property Holdings and Targetfollow Property Investment & Development with main lender Lloyds Banking Group over around £700m of debt, which matured in July and October this year.

When applying for court approval for the administration, Lloyds said Targetfollow’s assets needed to be marketed and sold before the year end to ensure they were “sold at an optimal value while there is optimal interest”.

Targetfollow Estates, a part of the business that was not affected by the administration, continues to run Centre Point while the portfolio is sold off.