This may be the most valuable asset to which NAMA is connected, but alas, we don’t know precisely how much the loan owed to NAMA is on Citi Tower, the headquarters of Citigroup in London’s Canary Wharf. According to Mike Foster at eFinancialNews.com (competitor to Financial Times founded in 1996), a deal to sell the 1.2m sq ft 42-storey 200m-high building is close to finalization at “over GBP 1bn” (€1.2bn), with the buyer identified as AGC Equity Partners, which eFinancialNews says is a Middle Eastern investor.
The Citibank building in London’s Canary Wharf is owned by Derek Quinlan and Glenn Maud, the Sheffield lawyer turned investor – both property men are suffering financial distress with Derek Quinlan’s woes well documented, and Glenn Maud is now reportedly living on GBP 500 (€580) per week after the collapse of his Propinvest empire.
We don’t know how exposed NAMA is to the building, though given the relatively strong performance of the London office market since November 2009, it may have a fighting chance of seeing a profit on the acquisition value of this loan.
NAMA’s Head of Asset Management, John Mulcahy’s former employer, Jones Lang LaSalle (JLL) is handling the sale.
NAMA Wine Lake 