HSBC considers new sale of Canary Wharf HQ

By John Hill on April 14, 2009 11:23 AM |

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HSBC is toying with the idea of selling its Canary Wharf HQ - just four months after re-taking control of the building.

The company made a £250million profit on Metrovacesa's ill-fated £1.09billion deal for 8 Canada Square, but revealed this week that it could consider re-selling the 45-storey tower.

According to an HSBC spokeswoman, offices in New York and Paris could also be on offer as the firm "sounds out the market" for potential buyers. Sales information will be sent out to selected investors this week.

HSBC claims the move has been made following "enquiries" by several parties.

She said: "If it looks like there's something of value there, we'll move it forward. But it's early days yet.

"It's not about fundraising. It's about finding out whether assets like this can get a good price when there aren't a lot of assets around."

HSBC sold its tower to Metrovacesa for a record-breaking £1.09billion sum in April 2007, making it Britain's most expensive building. However, the Spanish firm ran into financial difficulties, and was unable to re-finance an £810million bridging loan from HSBC by November last year.

It handed the tower back to the bank at a knock-down valuation of £838million early in December, and the company itself was handed over to its creditors in February.