Almacantar completes on acquisition of Centre Point

£120m paid for iconic West End office tower

Article posted: 31 Mar 2011

Property investment company Almacantar has completed on its acquisition of the former Targetfollow asset Centre Point from administrator Deloitte.

Almacantar, which was co-founded by former Land Securities executive Mike Hussey, has paid around £120m for 32-storeys of office space in Central London. Commenting on the deal, Hussey told Property Week: “We like that it’s got a lot of issues. Its good for someone who wants to make a difference. With it, we can provide a link between Covent Garden and Oxford Street’s improving eastern end.”

Targetfollow's property subsidiaries were placed in administration in October last year, despite extensive talks and even the intervention of Norfolk MPs who tried to save the Norwich-based property company after it failed to agree a new debt facility with Lloyds Banking Group Plc. Targetfollow Estates however continues to flourish and was recently appointed to manage the assets owned by its former sister companies.

Other Targetfollow assets in the portfolio include offices in Wembley and 40 Bernard Street in Bloomsbury, which is occupied by Holiday Inn and which Targetfollow believed to have strong asset management potential.

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