Mailbox owner in ‘constructive discussions’ over loan breach

The owner of the Mailbox says it “continues to progress a number of avenues” after breaching the terms of a £108.5m loan after a revaluation of the landmark Birmingham site slashed its value by more than £30m in January.

Mailbox REIT blamed “the outward yield shift for regional office assets in the current market largely due to the prevailing interest rate turbulence” when it announced the breach back in January.

In a statement this morning (April 25), the Mailbox REIT said: “The company remains in constructive discussions with the lending syndicate, which has now reserved its rights in relation to the facility following the loan becoming in default as of 20 April 2023.

“The company will update shareholders further in due course.”