CIT has pulled out of a £203m deal to buy Little Britain, EC1, leaving the door open for Canary Wharf to make its first acquisition outside its Docklands estate.
In September, Estates Gazette revealed that CIT had beaten Canary Wharf to the 500,000 sq ft (46,500 sq m) complex, but the private investment company withdrew its bid late last week.
Canary Wharf wanted to buy the three adjoining buildings after it took on the majority of the Little Britain leases from Clifford Chance as a sweetener to get the City lawyer into a 1m sq ft tower on its Docklands estate.
Prudential and Nippon Life have been looking to sell their joint long-leasehold interest in the buildings since August
If CIT had bought the building, Canary would have had to pay the £16.5m annual rent until March 2017.
King Sturge is advising the Pru and Nippon Life, DTZ was acting for CIT, and CB Hillier Parker is acting for Canary Wharf.
None of the parties involved were prepared to comment.
EGi News 05/11/02
