London, 11th April 2011
– Jones Lang LaSalle has been instructed as the sole agent to sell the freehold interest of 25 Canada Square
located in the heart of London’s Canary Wharf. Offers in excess of £1 billion are being sought on this iconic, 1.225 million sq ft, 42-storey office tower which, at 200 metres, is the third tallest building in the UK and is visible across the London skyline.
This prestigious building is let entirely to Citigroup Inc, the American multi-national financial services company, and serves as its EMEA headquarters. Offering an exceptionally long income with a weighted unexpired term of 24 years the current rental income totals £57.6 million per annum (£47.50 per sq ft), and is subject to an uplift in 2015 followed by annual increases, indexed at 3.2 percent.
Prospective purchasers could expect the annual income return on the initial investment to reach nearly £70 million within ten years and over £100 million within 20 years.
Jones Lang LaSalle’s City Investment
team, who are managing the sale of 25 Canada Square
, expect investor interest in the sale of this landmark office building to come from all corners of the globe as well as UK REIT's, Insurers and Annuity funds as non-domestic investment continues to target the coveted London real estate market.
For further information on the sale please contact Andrew Hawkins or Ross Davies
Notes to Editors:
• 25 Canada Square
is located in London’s Canary Wharf, one of Europe’s premier business districts and home to several leading global financial, professional services and media companies.
• Commenced in 1990, Canary Wharf is London’s newest and most vibrant business district and now incorporates 15.5 million sq ft of commercial space, including 29 office buildings, 200 shops, bars and restaurants hosting a working population of 93,000.
• Canary Wharf uniquely provides a mix of world leading architecturally designed office buildings, together with a strong range of amenities including health and sport clubs, conferencing, event facilities, child care, theatre and cinema within the Estate.
• Canary Wharf provides over 20 acres of landscaped gardens and squares, including waterfront promenades.
• There are international hotels within the immediate vicinity of the Estate including Four Seasons, The Hilton and The Marriot.
• The Canary Wharf Estate is ideally situated to benefit from the major investment in infrastructure improvements as a result of the 2012 Olympics.
• Canary wharf benefits from excellent transport links including London City Airport.