Following last week’s reports that the London headquarters of law firm Clifford Chance was attracting interest from Chinese investors, Canary Wharf Group (CWG) has confirmed the sale of the 32-storey skyscraper.
In a statement the group says that the sale of 10 Upper Bank Street has been completed for a consideration of £795m. As expected, a subsidiary of insurance company China Life has purchased a majority interest of 70%.
The other parties involved in the Separate Limited Partnership (SLP) are a subsidiary of Qatar Holding, which has acquired a 20% interest, and CWG itself which has retained a 10% stake in the property through two wholly owned subsidiaries.
The 10 Upper Bank Street tower, located on the Canary Wharf estate, is one of only five properties in London providing over a million sq ft of office space. The building is leased to Clifford Chance until 2028 and generates an annual rent of £44.35m.
CWG says that it is an “honour” that China Life has extended its international presence to Canary Wharf and that they are “very pleased” to welcome them. The group is also pleased to extend its relationship with Qatar Holding.
Meanwhile, it has been announced that BT’s 1970s Keybridge House in Vauxhall is on the market. Despite being regarded by many as one on London’s ugliest buildings, the 15-storey tower is expected to command a £50m – £100m price tag.
This is due to its favourable location in the Vauxhall and Nine Elms redevelopment zone which includes Battersea Power Station and the new US Embassy. Planning permission has already been granted for the demolition of Keybridge House and the construction of five blocks up to 36- storeys in height.
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