Analysts estimate the Daily Mail owner to have pocketed around £12m to £14m for the site.
The deal will see British Land acquire the newspaper group’s freehold and leasehold interest in the 14.5-acre site, called Harmsworth Quays, adding to its existing investment in the area.
The company has not yet determined plans for the site, but is weighing up various options.
In January, British Land announced plans for a £34m refurbishment and 100,000 square feet extension at Surrey Quays shopping centre that it jointly owns with Tesco.
This includes improvements to public spaces and transport connections.
British Land will not take control of Harmsworth Quays until late 2013 following DMGT’s relocation to a new development further along the Thames at Thurrock in Essex.
“The purchase of this large site adjoining our existing ownerships re-enforces our confidence in the area and demonstrates our continued commitment to the wider Canada Water regeneration and Rotherhithe”, Mike Rayner, development director at British Land said.
David Dutton, a DMGT director responsible for its property portfolio, said it was “changes in technology” that had led it to switch to a new plant. The company announced in February last year that it would invest up to £50m in the new site over a four year period.