THE HOME of part of Richard Desmond’s media empire has been sold by Standard Life for £12.2m.
Standard Life Investment Property Income Trust has sold the Northern & Shell Tower, an office block in the Docklands, to a private buyer.
Desmond’s rental contract will run until 2022 as planned at the previously agreed £909,000 a year. The building holds the offices of Portland TV, the broadcasting arm of Northern & Shell, and other TV and print divisions of the Desmond-controlled media group.
The office building was the Standard Life fund’s third-largest property, valued at between £10m and £12m at the end of last year.
Jason Baggaley, the fund’s manager, said the proceeds of the sale will be reinvested in early 2012.