Targetfollow portfolio attracts potential buyers

£300m of offices and mixed-use assets thought to be under offer

Article posted: 22 Dec 2010

It has been reported that £300m of assets from the Targetfollow portfolio were placed under offer last week as administrators Deloitte appointed new directors to asset manage the properties once owned by the Norwich-based property company.

As reported earlier this week in Office Space News, property investment company Almacantar is poised to acquire the Centre Point offices in Central London for around £120m.

Offices in Marylebone on Chiltern Street look set for a residential conversion after they were placed under offer for £65m by West End developer Ridgeford.

£80m is thought to have been offered for offices in Bloomsbury at 40 Bernard Street, currently occupied by Holiday Inn. Regionally schemes in Birmingham, Norwich and Stockport are also thought to be under offer.

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

Other assets in the portfolio include offices in Wembley, agents for which will be appointed by Deloitte in the Spring.

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Posted by Aree J Rand