Property start-up close to buying Centre Point from administrator

NEW property developer Almacantar is on the verge of buying the Centre Point skyscraper in the West End, according to sources close to the firm.

Almacantar, which was set up by former Land Securities executive Mike Hussey in 2009, is set to announce as soon as today that it has entered talks with administrator Deloitte to buy the Grade II listed tower, which is worth around £120m.

Deloitte is overseeing the dismantling of Targetfollow, the building’s owner, which was put into administration in October after defaulting on £700m of debt from Lloyds.

Norwich-based Targetfollow was owned by Iranian entrepreneur Ardeshir Naghshineh and bought Centre Point in 2005 for around £90m. It also planned to build the Can of Ham office development near St Mary Axe.

The 33-storey Centre Point is home to the CBI’s conference centre, agent William Morris and the Paramount private members’ club.

Targetfollow Estates, a subsidiary that was not affected by the administration, continues to run the property while the portfolio is sold off.

Almacantar declined to comment, while Deloitte could not be reached.

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