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Offers in Excess of £1 Billion being sought for this landmark freehold office building
LONDON, 12th April 2011 – Jones Lang LaSalle has been instructed as the sole agent to sell the freehold interest of 25 Canada Square located in the heart of London’s Canary Wharf. Offers in excess of £1 billion are being sought on this iconic, 1.225 million sqft, 42-storey office tower which, at 200 metres, is the third tallest building in the UK and is visible across the London skyline.
This prestigious building is let entirely to Citigroup Inc, the American multi-national financial services company, and serves as its EMEA headquarters. Offering an exceptionally long income with a weighted unexpired term of 24 years the current rental income totals £57.6 million per annum (£47.50 per sqft), and is subject to an uplift in 2015 followed by annual increases, indexed at 3.2 percent.
Prospective purchasers could expect the annual income return on the initial investment to reach nearly £70 million within ten years and over £100 million within 20 years.
Jones Lang LaSalle’s City Investment team, who are managing the sale of 25 Canada Square, expect investor interest in the sale of this landmark office building to come from all corners of the globe as well as UK REIT's, Insurers and Annuity funds as non-domestic investment continues to target the coveted London real estate market.
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