Canary Wharf skyscraper sold for nearly £800m

 
Billy Ehrenberg
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Number 10 Upper Bank Street (far left) is one of the most recognisable buildings on the London Skyline (Source: Getty)

A partnership led by China Life (CL), a state-backed Chinese insurer, has bought number 10 Upper Bank Street in the Canary Wharf area of London for £795m, according to reports.

The skyscraper is one of the most recognisable buildings on the London skyline and will now now be split mainly between CL and Qatar Holdings (QH).

The site's owners, Canary Wharf Group (CWG), will retain a 10 per cent stake in the edifice with CL owning 70 per cent and QH 20 per cent. QH is a shareholder in CWG's holding company, Songbird Estates.

The building is currently leased to law firm Clifford Chance and brings in £44.4m a year in rent.

Songbird Estates said in a statement that "this is an excellent opportunity for CWG to work with these two extremely important partners. CWG is very pleased to welcome China Life, one of the world's top commercial insurance groups, to Canary Wharf."


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