Canary Wharf sells two central London office buildings to UBS for

Canary Wharf Group plc said it has sold two central London office buildings to UBS Global Asset Management (UK) Ltd for £30m.

The freeholds of 85 Fleet Street and St Bride´s House were acquired by Canary Wharf at an approximate price of 32.5 mln stg as part of the transaction that involved the planned relocation by Reuters Group PLC to Canary Wharf.

85 Fleet Street was sold with a lease back to Reuters at a rent of approximately 1.64 mln stg per annum which can be terminated when they move to Canary Wharf in May 2005. St Bride´s House was sold with vacant possession.

The company said the sale of these properties were envisaged as part of the overall inducement package agreed with Reuters, and the price achieved was well within the level estimated at the time of the initial agreement with Reuters.

Source: Freeman News

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