INDUSTRY NEWS

Canary Wharf Group buys Canary Wharf London office block for £46.6m

Canary Wharf Group has completed the acquisition of a key London office block on the Canary Wharf estate  in a deal worth a reported £46.6 million.

Standing at eight storeys in height, the building – 7 Westferry Circus – offers around 179,800 sq ft in total, with 164,300 sq ft of London office space and 15,500 sq ft of retail space in the major financial district.

The property group has agreed to purchase the office from Teachers REA, LLC, and Teachers REA II, LLC.

The building is the European Medicines Agency’s (EMA) main HQ, with the office space let in its entirety to the agency.

The EMA  had a rental agreement to stay in the office until December 2014, but the firm now plans to move before then, relocating instead to its new headquarters at another Canary Wharf development, 25 Churchill Place.

Canary Wharf Group chairman and chief executive officer, Sir George Iacobescu CBE, said: “The transaction will give Canary Wharf Group sound initial income and the flexibility to explore more opportunities in the medium to long-term as the estate matures.

“It reflects the Group’s strategic commitment to achieving a more diverse portfolio, both in terms of its asset and tenant base, and its confidence in the future of London as a pre-eminent global centre.”

News bought to you from DeVono Cresa, the award-winning commercial property advisers, specialising in Central London office, retail and leisure space.

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