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Can of Ham building may go on the market

PUBLISHED: 11:20 06 May 2010 | UPDATED: 10:16 02 July 2010

Ardeshir Naghshineh of Targetfollow

Ardeshir Naghshineh of Targetfollow

Elaine Maslin

Property developer and owner Targetfollow Group has confirmed that it is looking to sell off a group of its properties.

Property developer and owner Targetfollow Group has confirmed that it is looking to sell off a group of its properties.

It is believed the portfolio is worth in the region of £500m and includes the landmark Centre Point tower in the West End as well as the large City of London office development dubbed the “Can of Ham”.

According to reports, the properties are all backed by HBOS loan facilities totalling £700m, which are due to mature this year.

At the time, the loan involved 10 properties.

Ardeshir Naghshineh, executive chairman of the Riverside Road-based firm, said: “Targetfollow has for some time, been in constructive discussions with its principal bank lender, Lloyds Banking Group, with regard to its current banking facilities.

“At the same time, the group is actively reviewing its future funding options and considering the sale of assets.

“Expressions of interest have been received from a number of parties and these are currently being evaluated by Targetfollow and its advisers.”

The company declined to reveal any more about the sale or what it meant for the firm.

Earlier this month, Mr Naghshineh dropped 61 places in The Sunday Times Rich List to 228th with £301m, down from £320m in 2009. This placed him sixth richest in the region.

Targetfollow announced a £30.5m pre tax loss in 2008/09 with a £3bn property portfolio nationwide. Turnover rose by almost £10m to £49.2m in the year to March 31, 2009.

But low yielding "investments and development costs led to the pre tax loss”.

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