The company that owns part of Foster + Partners is considering selling its practice share, while the practice’s 250 million euro stadium project in Barcelona has been scrapped
Private equity company 3i is understood to have contacted investment banks about selling its 40 per cent stake in Norman Fosters’ outfit, City A.M. reports.
The fragment sold to 3i in 2007 when the studio was worth an estimated £300 million. Since then however the practice has struggled with its debts, earlier this month posting a £15 million pre-tax loss.
In the year up to 30 April 2010 the practice faced a £25 million interest repayment bill on debts worth £327 million. Sales in the same period also fell 13 per cent to £134 million. The practice declined to comment.
The potential sell-off came as the practice’s 250 million-euro Camp Nou stadium in Barcelona is understood to have been scrapped.
Previously on hold for 18 months, plans to revamp the 98,000 seat venue have been sacrificed to reduce Barcelona Football Club’s spending, Bloomberg reports. In 2007, Foster + Partners was appointed to oversee an Antoni Gaudi-influenced stadium redesign.
The club’s new boss is understood to have looked unfavourably on his predecessor’s redevelopment plans. A spokesperson for the practice said: ‘We are due to meet the new CEO to discuss the project and the way forward.’