Budapest Post

Cum Deo pro Patria et Libertate
Budapest, Europe and world news

Former Bear Stearns London HQ collapses into insolvency

Former Bear Stearns London HQ collapses into insolvency

The owner of 5 Churchill Place in Canary Wharf was in the process of seeing the site's management company forced to call in administrators.
The London building once occupied by Bear Stearns, one of the investment banking casualties of the 2008 banking crisis, has itself been forced to call in administrators.

Sky News understands that the Chinese owner of 5 Churchill Place in Canary Wharf was on Tuesday in the process of seeing the 319,000 square foot building crash into insolvency proceedings.

A real estate executive said that FTI Consulting, the restructuring firm, was expected to be appointed to oversee the administration of 5 Churchill Place Management Company Limited.

The 12-storey building was bought by Cheung Kei Group, a Chinese property developer, in 2017, for a reported £270m.

It was previously owned by a vehicle controlled by the businessman Wafic Said, and before that was owned by Canary Wharf Group, on whose estate the building sits.

The latest development is likely to spur further questions about commercial real estate values in the aftermath of the COVID-19 pandemic, and in particular about the prospects for Canary Wharf office blocks.

5 Churchill Place was occupied by Bear Stearns prior to its demise, and then by JP Morgan, which had acquired the remnants of Bear Stearns during the crisis of 15 years ago.

In March, Bloomberg News reported that Lloyds Banking Group was attempting to sell a loan secured against the Canary Wharf building.

One property insider said the objective of the process was that both the property manager and asset manager remained in place to ensure the smooth running of the site.

BNP Paribas is understood to hold the former role, with JLL holding the latter.

Nobody involved in the administration could be reached for comment.
Newsletter

Related Articles

0:00
0:00
Close
Építészeti és építőipari tanulságok: A törökországi földrengés tragédiája
A kazahsztáni repülőgép-baleset túlélői és Budapest kapcsolatai
Új utak a gazdasági és politikai kihívások közepette: Magyarország és a világ aktuális eseményei
A geopolitikai feszültségek új szakaszába lépett Kelet-Európa és Ázsia
Biztonsági intézkedések megerősítése és közbizalom helyreállítása Németországban
Katar figyelmeztetése: gázszállítási szankciók árnyéka Európa felett
Új lehetőségek Budapest számára az energiapiaci átalakulás közepette
In Magdeburg, Germany, authorities apprehend a man for stating, "I am a Christian."
Muslims vandalize Christmas tree in Germany
Fake North African asylum seeker in Spain beats women just for fun, then runs away
European Leaders Revive Agreed Over Greater Defense Spending
Growing Strains in Germany After Magdeburg Christmas Market Incident
Elon Musk's AfD Endorsement Ignites Controversy from neo-Nazis who accuse the AfD of being what they themselves are
Chinese startup AGIBOT has started large-scale manufacturing of versatile humanoid robots.
EU Orders Apple to Open Up: A Bold Move Against Corporate Monopolies
Trump Recognizes Some Advancement in Ceasefire Initiatives for Ukraine Conflict
Tragic Loss in the Montserrat Mountains: Mango Founder Isak Andic Passes Away in Hiking Accident
Hungary's Balancing Act: Boosting Influence While Managing Economic Stability and Political Controversies
Failing the Test of Leadership: Netanyahu's Security Missteps
Pope Francis' Call for Compassion: Balancing Humanitarian Needs with Socio-Economic Realities
Pozitív Fordulatok és Új Lehetőségek: Oktatás, Gasztronómia és Sport Magyarországon
Magyarország szerepe az uniós szankciók kérdésében: Az energetikai stabilitás és az EU egységének egyensúlya
Romanian Authorities Thwart Armed Mercenary Plot, Drawing Parallels to U.S. Capitol Riot
Strategic Explosions: The Volatile Intersection of Guerrilla Tactics and Geopolitics in Ukraine
Austria's Dilemma: Repatriation of Syrian Refugees Amidst Fragile Peace
The Rising Tide of Aridity: Unmasking a Global Threat
Polarization: The Word That Unites a Divided Era
The TikTok Conundrum: A Battle for Free Speech and Innovation
A Test of Balance: Self-Defense and Judicial Equity in Germany
The Compass of Time: Unraveling the 2024 Person of the Year
Swift's Epoch: Revolutionizing Concert History with the Eras Tour
Storm Darragh Ravages the UK: A Pre-Christmas Tempest of Destruction
Enduring Peace or Strategic Uncertainty: Zelensky's Bold Plea Amidst Ukraine's Woes
Notre-Dame Rises Again: A Symbol of Resilience Amidst Turbulent Times
UAE Invests in Quantum Leap: A Bold Move Towards a Trillion-Dollar Future
Dutch Parliament's Controversial Motion Ignites Nationwide Protests
Integration or Intrusion? The Dutch Debate Over Migration Data
Bananas and Cocaine: The Unseen Paths of a Global Epidemic
The Surveillance Mirage: When Millions of Cameras Fail to Deliver Justice
Navigating the Digital Storm: Taylor Swift's Diplomatic Dance in Celebrity Showdowns
Justice Denied: Outrage in Germany as Legal System Fails Rape Victim
Storm Darragh's Menace: UK Prepares with Rare Emergency Alert
Guardians of Safety: Balancing Security and Freedom in Modern Europe
Germany Averts Christmas Market Terror Attack Amid European Political Turmoil
The European Energy Conundrum: Navigating Dependency and Independence
France at a Crossroads: Navigating Political Tumult and Economic Divergence
Britain Leads Charge in AI Safety Amid Global Challenges
A Conflict Beyond Borders: Navigating the Complexities of Israel and Gaza
Georgia's EU Saga: Aspirations, Challenges, and a Nation Divided
Macron's Gamble: Navigating France's Political Tempest
×