HSBC may buy back tower
BANKING giant HSBC is in talks to buy back its Canary Wharf headquarters according to a report in the Financial Times.
Spain's property firm Metrovacesa, which bought the tower for £1.1billion last summer, has until November to refinance an £810million loan from HSBC, which it used to purchase the building.
It is believed a sale is now the most likely outcome.
It is thought the talks between HSBC and Metrovacesa would involve the bank buying back the tower for up to £300million less than it sold the tower for.
The Spanish company has been forced to sell assets in Spain at a loss as it struggles to deal with €7billion of debt.
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What intrigues me is what is happening across the way at the Citibank Tower. Does anyone know why the logo has disappeared from the top of that building in recent weeks?