Metrovacesa, the Spanish property company, is struggling to find a partial sale for the HSBC skyscraper in London’s Canary Wharf, with just weeks to go before a loan used to buy the building expires.

Goldman Sachs, which is advising the Spanish company, had been sounding out investors to buy part or all of the building.

Metrovacesa acquired it last summer from HSBC at the peak of the property boom for £1.1bn, making it Britain’s most expensive building.

The sale process is part of an equity raising to help meet the terms of a refinancing deal for the £810m bridging loan, which expires at the end of November. Goldman Sachs has held talks with a number of investors, including sovereign wealth funds, but no buyer has yet been found.

Metrovacesa is now considering other options to help it meet the refinancing package. HSBC is believed to have offered senior debt of about £600m, leaving Metrovacesa with the task of making up £200m with equity and mezzanine debt.

Financial Times