Friday, June 19, 2009

Office Buildings: 50 Percent Off in London

by Bill McBride on 6/19/2009 10:30:00 AM

Here are some more CRE price declines ...

From Bloomberg: Simon Halabi’s Companies Default on $1.9 Billion Debt (ht Brian)

Billionaire investor Simon Halabi’s real estate companies defaulted on 1.15 billion pounds ($1.9 billion) of bonds backed by nine London office buildings as the recession cut the value of the properties by about 50 percent.
...
The buildings were valued at 929 million pounds as of June 8, down from 1.83 billion pounds in October 2006, Hatfield Philips said. Halabi’s companies borrowed against the buildings in 2006. The debt, which was packaged into bonds, expires in October.
Another 'half off' sale.