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Troubled property company Metrovacesa, Spain's largest developer, has paid a £100 million penalty to pull out of a multi-million pound London development scheme, which was set to bring retail and office space to the City.

As reported in an article by the Times Online, the Spanish company were behind the scheme that involved designs by Lord Foster and French architect Jean Nouvel, but the plans are now expected to be abandoned. Part of the development was a new building that was nicknamed 'Darth Vader’s Helmet'.

To add to their problems, last year Metrovacesa were forced to sell their Canary Wharf office building in Canada Square, back to HSBC after they had bought it from the bank for 1.1 billion. The resale price reached £838 million - resulting in a loss of millions of pounds for the Spanish company.

Let's hope the Metrovacesa empire soon strikes back...

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Published by Jo on Tuesday, 04 August 2009 at 1:44 PM