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Citigroup sells London headquarters for 1 billion pounds
Published in Saudi Press Agency on 02 - 07 - 2007

A British real-estate consortium said Monday it agreed to buy the 42-storey tower that is Citigroup Inc.'s London headquarters for about 1 billion pounds (US$2 billion; ¤1.5 billion) in the second-biggest property transaction ever in Britain.
The consortium includes Derek Quinlan, the founder of
private equity and real estate group Quinlan Private, and
Propinvest, a property investment company, the Associated Press reported.
Located in the capital's Canary Wharf district, the
building comprises more than 1.2 million square feet (366
million square meters) of space, all of which is leased by
Citigroup, the world's largest bank.
«This is a long-term personal investment in a prime
property in the heart of London's new financial center,»
Quinlan.
In April, Europe's biggest bank HSBC Holdings PLC said it had sold its global headquarters in Canary Wharf to
Metrovacesa SA of Spain for 1.09 billion pounds (US$2.18
billion) in the biggest single property deal in British
history. HSBC will remain in the building under a 20-year
lease, with a five-year option.
That followed the announcement in February by Swiss
Reinsurance Co. that it was selling its London
headquarters, the 40-storey glass skyscraper known as «The Gherkin,» for 600 million pounds (US$1.18 billion) to
real-estate corporation IVG Immobilien AG.


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