UK developer CIT has beaten seven rivals in the race to buy the 54,900m2 East India Dock office development in London’s Docklands.
CIT is believed to have bid over £120m for the four-building development, jointly owned and constructed by Sweden’s SPP and NCC.
It took more than five years to let the 1993 scheme. However, it is now almost 100% let to 12 tenants, including DLJ, the Tower Hamlets council, Safetynet and Guardian DR.
A City investment agent said: “This is a good buy for CIT. Although slightly detached, this is a nice office campus, and under-rented at £107.40 per sq ft.”
