ING Real Estate is close to securing the sale of another of its development sites.
The Guernsey-based trust is in the middle of final round bids for
Scarborough Development Group is the front-runner to buy the vacant office block, which has consent for a £100m scheme.
A total of 10 bids of around £20m have been received for the block, which was the former HQ of Scottish Provident.
HBG Properties and a Middle Eastern investor are also bidding for the property.
Andrew Square, which has consent for 91,000 sq ft of offices, 69,000 sq ft of shops and eight flats, is one of a number of properties put up for sale by ING in the second half of 2007. It is selling assets to reduce its widening discount to net asset value.
ING is also about to sell Oddfellows House in
DTZ and Culverwell & Co are advising ING in
