Pension giant to build City's 'Can of Ham'

Targetfollow administrator Deloitte sells City site of proposed 90m tower to US teachers fund

The bizarrely shaped "Can of Ham" office tower could yet add to the City skyline after one of the world's biggest pension funds agreed to buy it out of administration.

Teachers Anuity and Insurance Association – College Retirement Equities Fund, which invests on behalf of 3.5 million teachers and doctors in the US, has bought the site of the proposed block out of the remnants of the failed Targetfollow empire, after agreeing terms with the administrator, Deloitte, last week.

The Can scheme, designed by Foggo Associates, is at 60-70 St Mary Axe, close to where Lord Foster's Gherkin, at 30 St Mary Axe. Construction of the 90m (295ft) tower would complete the most modern part of the City.

Teachers already owns 60 St Mary Axe and buying 70 gives it total control of the development. It is thought the fund is paying more than £20m for the site.

Deloitte has sold chunks of the Targetfollow property portfolio to recover money for Lloyds, which had £693m of loans outstanding.

Targetfollow was owned by the Iranian entrepreneur Ardeshir Naghshineh. Talks with Lloyds deteriorated over the valuation of the portfolio, which Targetfollow argued was worth around £700m. The bank was willing to sell the London portfolio for £425m, but bids did not reach this and two of the Targetfollow Group subsidiaries were placed into administration in October. Mr Naghshineh no longer has control over any of the properties dealt with by Deloitte.

So far, Deloitte has sold buildings and sites in Birmingham, Stockport, Norwich and London.

Almacantar, which was set up by former Land Securities executive Mike Hussey in 2009, entered talks last month to buy from the portfolio the Grade-II listed Centrepoint – in London's West End – for more than £120m. Deloitte has now worked up a strategy for the remaining buildings to "maximise value" for Lloyds.

Teachers has been gearing up in the City and will be hoping to quickly advance plans for the Can site to hit the current wave of City office development. It also has plans for a redevelopment and extension of Angel Court in the City.

Following a hiatus during the recession, when proposed property schemes in the City were put on hold, developers found joint venture partners last year to fund their projects. More than six skyscrapers are now either under construction or about to be built.

Skyscrapers including The Leadenhall Building, 20 Fenchurch Street and London Bridge Place have been called names such as the Cheese Grater, Walkie Talkie tower and the Shard. Speaking about the Can of Ham site, City planning officer Peter Rees said: "The City welcomed the design of the site by the previous owner but inevitably new owners will review designs and methods of construction."

The site cannot accommodate a taller building than the Can due to the risk of compromising views of the Tower of London.

German supporters (left) and Argentina fans
world cup 2014Final gives England fans a choice between to old enemies
Arts and Entertainment
Armando Iannucci, the creator of 'The Thick of It' says he has
tvArmando Iannucci to concentrate on US show Veep
Life and Style
Pepper, the 3ft 11in shiny box of circuits who can tell jokes and respond to human emotions
techDavid McNeill tests the mettle of one of the new generation of androids being developed in Tokyo
Arts and Entertainment
A still from the worldwide Dawn of the Planet of the Apes trailer debut
ebookA unique anthology of reporting and analysis of a crucial period of history
Four ski officials in Slovenia have been suspended following allegations of results rigging
sportFour Slovenian officials suspended after allegations they helped violinist get slalom place
14 March 2011: George Clooney testifies before the Senate Foreign Relations Committee during a hearing titled 'Sudan and South Sudan: Independence and Insecurity.' Clooney is co-founder of the Satellite Sentinel Project which uses private satellites to collect evidence of crimes against civilian populations in Sudan
Arts and Entertainment
Balaban is indirectly responsible for the existence of Downton Abbey, having first discovered Julian Fellowes' talents as a screenwriter
tvCast members told to lose weight after snacking on set
Life and Style
More than half of young adults have engaged in 'unwanted but consensual sexting with a committed partner,' according to research
Life and Style
A binge is classed as four or more alcoholic drinks for women and five or more for men, consumed over a roughly two-hour period
Have you tried new the Independent Digital Edition apps?
Independent Dating

By clicking 'Search' you
are agreeing to our
Terms of Use.

iJobs Job Widget
iJobs Money & Business

Programme Support, Coms, Bristol, £300-350p/d

£300 - £350 per day + competitive: Orgtel: My client, a leading bank, is curre...

(Junior) IT Systems Administrator / Infrastructure Analyst

£28000 - £32000 per annum + pension, 25 days holiday: Ashdown Group: A highly ...

Finance Officer

Negotiable: Randstad Education Birmingham: Randstad Education are seeking a Fi...

Accounts Payable

£12 - £15 per hour: Cameron Kennedy Recruitment: Excellent opportunity to join...

Day In a Page

A History of the First World War in 100 Moments: Peace without magnanimity - the summit in a railway siding that ended the fighting

A History of the First World War in 100 Moments

Peace without magnanimity - the summit in a railway siding that ended the fighting
Scottish independence: How the Commonwealth Games could swing the vote

Scottish independence: How the Commonwealth Games could swing the vote

In the final part of our series, Chris Green arrives in Glasgow - a host city struggling to keep the politics out of its celebration of sport
Out in the cold: A writer spends a night on the streets and hears the stories of the homeless

A writer spends a night on the streets

Rough sleepers - the homeless, the destitute and the drunk - exist in every city. Will Nicoll meets those whose luck has run out
Striking new stations, high-speed links and (whisper it) better services - the UK's railways are entering a new golden age

UK's railways are entering a new golden age

New stations are opening across the country and our railways appear to be entering an era not seen in Britain since the early 1950s
Conchita Wurst becomes a 'bride' on the Paris catwalk - and proves there is life after Eurovision

Conchita becomes a 'bride' on Paris catwalk

Alexander Fury salutes the Eurovision Song Contest winner's latest triumph
Pétanque World Championship in Marseilles hit by

Pétanque 'world cup' hit by death threats

This year's most acrimonious sporting event took place in France, not Brazil. How did pétanque get so passionate?
Whelks are healthy, versatile and sustainable - so why did we stop eating them in the UK?

Why did we stop eating whelks?

Whelks were the Victorian equivalent of the donor kebab and our stocks are abundant. So why do we now export them all to the Far East?
10 best women's sunglasses

In the shade: 10 best women's sunglasses

From luxury bespoke eyewear to fun festival sunnies, we round up the shades to be seen in this summer
Germany vs Argentina World Cup 2014: Lionel Messi? Javier Mascherano is key for Argentina...

World Cup final: Messi? Mascherano is key for Argentina...

No 10 is always centre of attention but Barça team-mate is just as crucial to finalists’ hopes
Siobhan-Marie O’Connor: Swimmer knows she needs Glasgow joy on road to Rio

Siobhan-Marie O’Connor: Swimmer needs Glasgow joy on road to Rio

18-year-old says this month’s Commonwealth Games are a key staging post in her career before time slips away
The true Gaza back-story that the Israelis aren’t telling this week

The true Gaza back-story that the Israelis aren’t telling this week

A future Palestine state will have no borders and be an enclave within Israel, surrounded on all sides by Israeli-held territory, says Robert Fisk
A History of the First World War in 100 Moments: The German people demand an end to the fighting

A History of the First World War in 100 Moments

The German people demand an end to the fighting
New play by Oscar Wilde's grandson reveals what the Irish wit said at his trials

New play reveals what Oscar Wilde said at trials

For a century, what Wilde actually said at his trials was a mystery. But the recent discovery of shorthand notes changed that. Now his grandson Merlin Holland has turned them into a play
Can scientists save the world's sea life from

Can scientists save our sea life?

By the end of the century, the only living things left in our oceans could be plankton and jellyfish. Alex Renton meets the scientists who are trying to turn the tide
Richard III, Trafalgar Studios, review: Martin Freeman gives highly intelligent performance

Richard III review

Martin Freeman’s psychotic monarch is big on mockery but wanting in malice