London edifice may be sold off

September 18
3:47 PM 2013

According to a source with knowledge of the situation, Heron Tower may be sold off because of a dispute amongst its owners. The tower is one of the tallest buildings in the London financial district.

The owners include building developer Heron International Ltd and the State General Reserve of Oman Fund. The two parties have not agreed on how payment would be made as to a GBP315 million or USD503 million loan it had contracted from a consortium of banks led by Wells Fargo & Co. Also owners of the tower are members of the Saudi royal famlly.

The tower was opened to the public back in March 2011, had tenants occupying nearly 60% of the available space, according to Heron International. Other towers nearby have reported similar occupancy rates.

Several firms have offered to refinance the debt attached to the property. These include Citigroup Inc and Starwood Capital Group LLC. 

Charlotte Palmer, spokeswoman for Heron International through its PR firm Redleaf Polhill, declined to make a comment on the news report.

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