Financial services company Credit Suisse have started a half-billion pound sale of their London property portfolio.
The first building is their 26,000 square metre development at 20 Columbus Courtyard on Canary Wharf, which contains office space, conference facilities and a restaurant.
The second is the larger 21-floor, 89-metre high office building at 1 Cabot Square, which is likely to be placed on the market by the end of the year. Together, the two properties could net the bank over £500 million, depending on the exact terms of the sale and leaseback agreement.
News of the sales coincides with the banks and other companies’ initiative to sell their non-core assets to strengthen their balance sheets. Despite the fall in fortunes of the commercial property market, a number of similar deals are under way, with many more expected over the course of the next year.