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QIA is said to plan sale of Credit Suisse’s Canary Wharf office

QIA initially offered the building for sale last year

Image Credit: Reuters
The Canary Wharf financial district is seen in east London November 12, 2014.
Gulf News

London: The Qatar Investment Authority plans to sell an office building in London’s Canary Wharf financial district which is leased to Credit Suisse Group AG, according to two people familiar with the matter.

The Gulf state’s sovereign-wealth fund appointed brokers CBRE Group Inc and Jones Lang LaSalle Inc to offer the building for about £450 million (Dh2.2 billion, $610 million), the people said, asking not to be identified because the matter is private.

A spokesman for QIA declined to comment on the plan, which CoStar News reported earlier Thursday.

A raft of major London office buildings are being readied for sale as landlords seek to cash in on the willingness of overseas investors to pay record prices following the drop in the pound.

Blackstone Group LP, Heron International Ltd, and British Land Co are all considering selling buildings in the UK capital, hoping to replicate the high prices paid for sites such as the so-called Walkie Talkie and Cheesegrater towers.

QIA initially offered the building for sale last year as it sought to diversify its portfolio and boost assets in Asia and the US.

That plan was put on hold in June 2016.

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