Quinlan JV buys 25 Canada Sq for £1bn

A joint venture between Derek Quinlan and PropInvest has bought the 1.2m sq ft European head office of Citigroup at 25 Canada Square, in Canary Wharf, for £1bn from Royal Bank of Scotland (RBS). The sale of the property, in London’s Docklands, is the second-largest transaction ever seen in the UK after HSBC tower, also in Canary Wharf, which Metrovacesa bought for £1.1bn in April. The Citigroup building receives rent of £46.5m a year, representing an initial yield of 4.58% after transaction costs. Lazard advised RBS and CB Richard Ellis, PropInvest.   02/07/06 Financial Times 1  Daily Telegraph B2