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Brinkmanship on Citypoint tower as junior lender blocks Beacon's proposal

Beacon Capital Partners, the global prime office investment specialist, is hopeful of resolving a stand-off with the junior lender on London's giant Citypoint tower, which last week blocked a consensual restructuring proposal.
By James Wallace
May 8, 2012 | 7:00 P.M.

Beacon offered to inject around £20m, ranking in the middle of the debt's capital structure in the outstanding £429m Ulysses ELoC 27 CMBS. This would have replenished an emptied £5m reserve fund which has been used to plug a shortfall in the tower’s rental income following the departure of Macquire Bank. Macquarie is only registered as still paying across 22,395 sq ft worth of space.

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