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Canary Wharf owner in danger of going bust - again
carolt
Posts: 8,531 Forumite
http://business.timesonline.co.uk/tol/business/industry_sectors/construction_and_property/article5979250.ece
The owner of Canary Wharf has revealed that it is in danger of going bust for a second time.
The plunging value of property, after various tenants have either collapsed or indicated they may move out, means there is a "material risk" that Songbird Estates, the Morgan Stanley-backed consortium that acquired most of the development in 2004, could be in breach of its banking covenants within a year.
The company's final results show that the market value of the property there slumped from £6.76 billion to £4.93 billion last year.
The owner of Canary Wharf has revealed that it is in danger of going bust for a second time.
The plunging value of property, after various tenants have either collapsed or indicated they may move out, means there is a "material risk" that Songbird Estates, the Morgan Stanley-backed consortium that acquired most of the development in 2004, could be in breach of its banking covenants within a year.
The company's final results show that the market value of the property there slumped from £6.76 billion to £4.93 billion last year.
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Comments
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The problem with Canary Wharf is, although it does have tenants in other sectors, it is really aimed at the finance sector, so its rise and fall (and I'm sure it will rise again at some point) will be charted against finance. A similar problem arose in Broadgate in the late 80s/early 90s (albeit on a smaller scale).Please stay safe in the sun and learn the A-E of melanoma: A = asymmetry, B = irregular borders, C= different colours, D= diameter, larger than 6mm, E = evolving, is your mole changing? Most moles are not cancerous, any doubts, please check next time you visit your GP.
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