Discount London Office Deals Shows More Pain Coming for Lenders

Discount London Office Deals Shows More Pain Coming for Lenders

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A series of sales in which lenders are facing painful losses is laying bare the extent of the correction roiling parts of London’s office market.

5 Churchill Place in Canary Wharf, a 12-story office block that was seized by lenders earlier this year, is being sold to claw back money on defaulted debts. Some bids for the property, which is being sold on behalf of its lenders, are so low that they work out to less than the amount of rent still owed by tenant JP Morgan Chase & Co., according to people familiar with the situation.

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