Sunday 25 June 2017

Canary Wharf Group weighing up sale in 'Walkie Talkie' building

The Walkie Talkie building
The Walkie Talkie building

Rhiannon Bury

Canary Wharf Group is mulling a sale of its stake in one of the City of London’s most recognisable buildings, according to reports.

The company is seeking agents to market its 50pc stake in 20 Fenchurch Street, known as the Walkie Talkie, for around £600m(€686m).

Canary Wharf Group manages its half of the building on behalf of a number of foreign investors, including China Investment Corporation, the Qatar Investment Authority and Morgan Stanley, having bought the stake from developer Land Securities in 2010.

Land Securities owns the other half of the building, and at present has not indicated an intention to sell.

The tower was completed in 2014, and is home to tenants including US insurance firm CNA and law firm DWF. It is also known for its Sky Garden on the top floor - a free public viewing gallery, designed by architect Rafael Viñoly. At 525 feet tall, it is the 12th tallest building in the capital.

The news of the potential sale, which was first reported by property website CoStar, comes weeks after the nearby Leadenhall Building, often called the Cheesegrater, was sold by British Land and Oxford Properties to Chinese investment firm CC Land for around £1.15bn.

Canary Wharf Group was unavailable for comment.

Telegraph.co.uk

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