Canary Wharf sells 999-year docklands lease to Barclays unit for 337.5m (UK)

Canary Wharf Group plc, which is the main operating subsidiary of Songbird Estates plc, it has sold a 999 year leasehold property in London´s docklands area to a subsidiary controlled by Barclays Bank PLC for £337.5m cash.

Proceeds from the sale will be used to pay down debt currently secured on the property and for general corporate purposes, Canary Wharf said.

The property is principally let to BP´s Integrated Supply and Trading Division and The McGraw-Hill Companies.

Canary Wharf said the disposal continues its stated strategy of assessing and executing a selected and limited number of property transactions.

The subsidiary of Barclays has in turn entered into arrangements with Brascan Corporation following which a subsidiary of Brascan will acquire a controlling interest in the property.
Source: Freeman News

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