Deloitte Set to Exchange Contract with Almacantar Over Sale of Targetfollow’s Assets

Lucas Gilmore, “Big 4″ observer
February 08, 2011 /

More than three weeks after Deloitte administrators have sold one of the portfolios of failed property developer Targetfollow Property Holdings to a pension fund based in USA, another deal involving the sale of Targetfollow‘s asset, the Centre Point, is slated in two weeks.

Deloitte has confirmed that it is set to exchange contract with Almacantar over the sale of Centre Point tower in London for £120 million, raising the current sums accumulated by Targetfollow from the previous sales of the rest of its assets to over £250 million.

Almacantar has closed the said deal with Deloitte administrators in December last year.

On January 16, inAudit reported the sale of Targetfollow’s “Can of Ham” to Teachers Insurance and Anuity Association – College Retirement Equities Fund (TIAA-CREF) in a £20 million acquisition deal. In addition, Deloitte has also sold Targetfollow properties at Birmingham, Stockport, Norwich and London.

The remaining assets of Targetfollow awaiting buyers include Baskerville House in Birmingham, Wembley Point in London, and Skydome in Coventry. Baskerville House is thought to have the highest value among the three, which is worth approximately £40 million.

Targetfollow’s assets were placed under administration in October 2010 when its loans worth £223 million expired in July 2010 and another £453 million expired in October 17, amounts which it could not pay enough since its creditor, Lloyds, has valued the properties at £450 million following the economic crisis.

The amount was less than its outstanding debt to Lloyds at roughly £700 million.

Its founder, Ardeshir Naghshineh, said prior to the administration that he had closed a deal with a consortium that promised to shell out financial aid of £150 million for the properties of Targetfollow, but Lloyds withdrew its support to the proposal.

 

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