Securitised debt against The Adelphi Building in the West End, an office building worth £265m, has breached loan-to-value covenants, according to a market statement this week. The default could lead to a sale of the building.
The Adelphi Building is owned by Istithmar, Dubai World's overseas vehicle, which disposed of the Grand Buildings by Trafalgar Square for around £170m last year. State-backed investment group Dubai World rocked global financial markets in late 2009 by seeking to delay debt repayments.
According to the statement by Indus, the vehicle that issued the notes for the Adelphi debt, £212m of debt is still outstanding against the office building.
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