MGPA, a private equity real estate fund backed by Macquarie Group, has offered an emergency injection of £45m for the vehicle that owns Plantation Place, the City of London office complex, which has breached loan-to-covenant agreements.

The vehicle, which is owned by Stobart, Tishman International and Invista Foundation Property Trust, faces a possible default on the loan used to buy the building for £527m in 2006.

The offer is conditional on agreement from creditors, however, some of whom want to repossess the building or force a sale to realise their money.

Bondholders include Fidelity International and Delancey, the investor backed by property grandee Sir John Ritblat. Debt advisory firm Houlihan Lokey is advising on restructuring the debt.

Financial Times