Canary Wharf Group plc (“CWG”),completed the sale of 10 Upper Bank Street, Canary Wharf, London to a Separate Limited Partnership (the “SLP”) for a consideration of £795 million(approx. €996 million).
The partners of the SLP that have acquired 10 Upper Bank Street are as follows:
(i) China Life Insurance Company Limited (“China Life”) through a wholly owned subsidiary which has acquired a 70.0% interest;
(ii) Qatar Holding LLC (“Qatar Holding”) through a wholly owned subsidiary which has acquired a 20.0% interest; and
(iii) CWG through 2 wholly owned subsidiaries which have acquired, in aggregate, a 10.0% interest.
The acquisition was funded partially through equity provided by the partners of SLP in proportion to their respective interests and partially through bank debt.
The 10 Upper Bank Street building is 1,028,000 f² (approx. 95,504 m²) NIA, designed by Kohn Pedersen Fox and finished to an extremely high specification. It is one of only five buildings of over a million square feet in London, all of which are situated on the Canary Wharf Estate. The entire office space in the building is leased to one of the world’s largest law firms, Clifford Chance LLP, with the retail unit let to HCA International Limited, the world’s largest private hospital group.
CWG will be both the Asset Manager on behalf of the SLP and will also act as the General Partner of the SLP via its subsidiaries’ holdings.
Source: Canary Wharf Group