The group that owns almost 8 million square feet of prime office space in London’s second biggest financial district has agreed a £208 million sale.
Canary Wharf Group is selling 5 Churchill Place to a private investor in the Bahamas. The sale price is around 20 percent higher than the book value of the property six months ago. The sum reflects the recent spike in prime commercial property sales as foreign investors flock to take advantage of favourable exchange rates and historically low prices, both a result of the credit crunch.
Ten floors of the 12-floor, 314,000 square-foot building are currently let to JP Morgan Markets Ltd. The company acquired the space when it took over Bear Stearns in 2008.
Canary Wharf Group is the owner and developer of around 100 acres of commercial property, and have built more London office space over the last ten years than any other developer.
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