London Tower Said to Face Possible Sale Amid Shareholder Dispute
Heron Tower, one of the tallest buildings in the City of London financial district, may be sold because of a dispute between its owners, a person with knowledge of the matter said.
The owners, including developer Heron International Ltd. and the State General Reserve of Oman Fund, have yet to agree on how to pay a 315 million-pound ($503 million) loan owed to a group of banks led by Wells Fargo & Co., said the person, who asked not to be named because because the matter is private.
The tower, which opened in March 2011, has tenants accounting for about 60 percent of its space, according to Heron International. Nearby skyscrapers such as Land Securities Group Plc (LAND)’s Walkie Talkie building and British Land Co.’s Cheesegrater tower at 122 Leadenhall Street, which are still under construction, have secured tenants for a similar proportion of the space.
Citigroup Inc. and Starwood Capital Group LLC are among several companies that have offered to refinance the debt attached to the building, the person said. Members of the Saudi royal family also own a stake in the 46-story Heron Tower.
Shelley Beason, a spokeswoman for Wells Fargo, and Charlotte Palmer, a London-based spokeswoman for Heron International who works for Redleaf Polhill, declined to comment.
Sky News reported the possible sale earlier today.
To contact the reporter on this story: Patrick Gower in London at firstname.lastname@example.org
To contact the editor responsible for this story: Andrew Blackman at email@example.com