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September 18, 2013

Sky News: Heron Tower facing receivership after owners’ row

By Spear's

The move, which would result in the Tower being put up for sale, would come despite last-ditch talks between its three investors

Sky News can reveal that bankers to the 46-storey Heron Tower on Bishopsgate, which briefly became the financial district’s biggest skyscraper, are contemplating calling in receivers in the coming days as a consequence of the row.

The move, which would result in the Tower being put up for sale, would come despite last-ditch talks between its three investors, who are led by Heron International, the developer headed by Gerald Ronson, the property entrepreneur.

The other shareholders are the State General Reserve of Oman and undisclosed members of the Saudi Royal Family. The three are said to be in dispute over the management of the building as well as the circumstances in which they can realise value from their investments.

The appointment of receivers would underline a remarkable failure for a skyscraper hailed as a symbol of the City’s efforts to shed the legacy of the 2008 financial crisis when it opened three years later.

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