Workout beckons as ￡250m Adelphi loan goes into default

摘要

A loan secured against a prominent ￡265m West End office building owned by the investment arm of the Dubai government went into default this week, sparking what will be one of the largest loan workouts or sales of a West End property this year. The Adelphi building, just off Strand, is owned by Istithmar World, the foreign investment arm of Dubai World, It has ￡250m of debt, originally provided by Barclays Capital and then securitised, secured against it.