Sep 27, 2019
Blow to London property market as £850m deal collapses
The £850m sale of a building that includes one of WeWork's largest sites has collapsed, in a blow to a London property market wrestling with Brexit worries and the turmoil at the shared office company. A deal to sell Southbank Place near Waterloo station, which also includes the London headquarters of Royal Dutch Shell, to the Singaporean group Bright Ruby was called off on Friday, according to two people briefed on the situation. People close to the deal said the vendors opted to scrap the sale of Southbank Place primarily because of a steep rise in the costs of cancelling a debt deal with the asset manager Legal & General Investment Management. The termination of the deal follows the collapse of another building sale on concerns over WeWork. The Saudi investor Sidra Capital pulled out of a £90m deal to buy a City of London office building partly occupied by the serviced office group, after it was spooked by the lukewarm reaction to the planned IPO and questions over WeWork's future cash position, according to two people familiar with the deal.
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