Mike Hussey’s Almacantar has exchanged contracts to buy the Centre Point tower near Tottenham Court Road tube station for around £120m.

The former Land Securities London managing director is understood to have used debt from Eurohypo to help finance the purchase from Deloitte, administrators to the collapsed subsidiaries of Targetfollow.

Almacantar’s plan for the 33-storey tower is likely to involve intensive asset management of the offices, which are 15% vacant, as well as exploring the potential for converting some of it to residential use.

In January, Property Week revealed that Almacantar was in exclusive talks to carry out a £400m residential development and stadium revamp at Lord’s Cricket Ground in north London.