The Qatar Investment Authority has emerged as the buyer behind the purchase of Credit Suisse’s Canary Wharf headquarters, E14.
QIA, founded by the State of Qatar in 2003, has placed 1 Cabot Square under offer for around £330m, reflecting a yield of 5.65%.
The deal follows intensive rounds of bidding in which QIA fended off stiff competition from a who’s who list of heavyweight investors including PRUPIM, Lebanese investment vehicle M1 Real Estate and Legal & General.
The building attracted a flurry of interest mainly because of its long lease of more than 20 years.
QIA is Credit Suisse’s largest shareholder, with an almost 10% stake. Qatar, which owns some of the world’s largest sovereign wealth funds, is also Canary Wharf investor Songbird Estates’ major shareholder, with a 24% stake in the listed company.
A source said: “It has long been rumoured that the building had gone under offer to a client of Credit Suisse, but the deal has been shrouded in secrecy since before Christmas.”
However, sources close to the deal added that the finer points were yet to be ironed out, casting some doubt that it would complete.
EGi revealed last year (7 October) that Zurich-based Credit Suisse had appointed CBRE to find a buyer for a sale-and-leaseback of the 540,000 sq ft Cabot Square.
Credit Suisse declined to comment. QIA and CBRE could not be reached for comment.
james.buckley@estatesgazette.com
