HSBC hoping to raise £2.7bn through office property sales

HSBC hoping to raise £2.7bn through office property sales



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HSBC has confirmed that it is considering selling its CanaryWharf headquarters; along with it French base and New York offices in order to raise £2.7 billion.
 
The bank, which just days ago raised £12.5 billion through the largest rights issue in British corporate history, has said that it will "take a look at the market" following some interest from possible bidders.
 
However, City figures are bemused by the bank's decision to sell some of its most valuable property assets when capital values within the commercial property market have plummeted in recent months.
 
HSBC's
London offices made headlines last year when struggling Spanish property firm, Metrovacesa, was forced to sell it back to the bank after going into the red. Metrovacesa had bought the 100,000 square metre tower for £1.1 billion in a sale and leaseback deal in mid-2007; HSBC repurchased it for £838 million last December.
 
The move set a record as
London's most expensive single property sale and netted the bank a profit of around £300 million.

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