INDUSTRY NEWS

Canary Wharf deal not complete

The £1 billion purchase of the tallest tower in Canary Wharf has yet to complete – four months after the deal was agreed upon.

Royal Bank of Scotland (RBS) agreed to sell 25 Canada Square, current headquarters of Citigroup, to several investors, including private property group Propinvest and Irish financier Derek Quinlan.

The Financial Times quotes one source close to the deal as saying that he expected the deal to go through with in the next fortnight.

Another source tells the paper that all the financing is in place and the buyer group is currently just waiting for lawyers to finish their work. "It will clear on time," the source is quoted as saying.

RBS purchased office space buildings 25 and five Canada Square for £1.1 billion in December 2003. It recently sold five Canada Square for £453 million, so, if the sale of 25 Canada Square goes through, the bank will have made an impressive return on its initial outlay.

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