Metrovacesca quits Walbrook

Legal & General is set to land £120m in compensation after Spanish property company Metrovacesa pulled out of the Walbrook property project in the City. Metrovacesa bought the Walbrook project from Legal & General in September 2006 for £240m. It had agreed to begin demolishing the buildings in Walbrook Square before December 2012 to build an office complex on the site, and had planned to invest around £840m to 2020, but now faces a £100m penalty.  Metrovacesca UK country manager Jean Vicente last year insisted on the group’s committment to the site.