The developer behind the Canary Wharf financial district has sold one of its most recognisable buildings for £152.5m.
Until the sale to Crosby Investments, Songbird Estates let the majority of the building to Northern Trust, a US financial company, for £8.6m a year. The lease expires in 2022.
Songbird suggested it will use the proceeds for investment:
It is intended that the sale proceeds will be used to help fund future investments in the Group, incorporating development projects on which CWG is currently embarking.These include the 58 floor residential tower at Newfoundland, the extension to Canary Wharf on land to the east of the existing Estate where outline consent has been obtained for a 4.9m sq ft mixed-use development and the redevelopment of the Shell Centre site on London's South Bank, where the final go ahead is sought for a 1.35m sq ft, mixed-use development.