HSBC is in talks to buy back its UK headquarters in Canary Wharf for up to £300m less than the price it sold the tower to Spanish property company Metrovacesa only a year ago.

Metrovacesa has until the end of November to refinance a £810m loan with HSBC on the tower, which became Britain’s most expensive building when it was acquired in a £1.1bn sale-and-leaseback deal at the peak of the property boom last summer.

Metrovacesa, which has been forced to sell Spanish assets at a loss as it looks to restructure more than £7bn of debt, has failed to raise money from other investors. Those close to the negotiations say a sale to HSBC is now the most likely outcome.

Metrovacesa valued the building at about £1bn in the summer although agents say that has now fallen to about £800m. It confirmed a sale to HSBC was an option but insisted there were others, including refinancing. HSBC has offered a new debt package but Metrovacesa would need to find about £200m in additional equity.

Financial Times