LONDON: The Heron Tower skyscraper, struggling to fill up with tenants in London’s weak office lettings market, could be sold by lenders who are frustrated by its owners’ inability to agree a refinancing deal, a source familiar with the talks said.
The 46-storey tower, whose office floors are almost half empty, is owned by a trust that includes developer Heron International, led by property entrepreneur Gerald Ronson, Oman’s largest sovereign wealth fund and Saudi investors. The trio has been discussing the terms of a deal to refinance a £315m ($501m) loan for several months as part of an agreement that includes the injection of more than 100 million pounds of extra equity, the source said.
A deal is needed because the tower, close to Liverpool Street railway station in the City financial district, has not let as quickly as planned, with 41 percent of office space still unoccupied since it opened in 2011. Reuters