HSBC Attempts $4B Play To Avoid Bailout

LONDON-HSBC Holdings is contemplating the sale of three major office buildings in London, Paris and New York City. The move is a strategic play by HSBC in order to forgo a bailout from the British government, according to a report in The New York Times. The asking price for the three properties is $3.96 billion.

“As part of managing a significant global real estate portfolio HSBC is testing the market with three of its landmark property assets. HSBC constantly monitors the commercial property market carefully, making decisions based on what is most appropriate for the business and our stakeholders,” HSBC executives said in a statement.

The buildings that could enter the market include the 45-story 8 Canada Sq. here in London, as well as the 29-story 452 Fifth Ave. in New York and its office on the Champs Elysees in Paris. Should the sales take place, HSBC will likely lease its space back from the properties new owner.

CB Richard Ellis has been tapped to oversee the sale process, while Jones lang LaSalle will assist.

To read the The New York Times article click here.