Qatar outbids Chinese for HSBC global headquarters
QIA to buy 656ft tower in London's Canary Wharf for $1.7bn
Qatar’s sovereign wealth fund has moved ahead of the game in one of the biggest property deals in the UK.
It is reported that Qatar Investment Authority has agreed to buy London’s largest and most expensive office building, a 656 foot tower with 45 storeys in the heart of the city’s docklands area, London’s Canary Wharf, for $1.7bn.
Korea’s National Pension Service (NPS) put the building on the market in April this year, in an effort to cash in on London’s booming property market.
This is not the first time the building has changed hands since its official opening in 2003. Spanish property firm Metrovacesa bought the building for £1.09bn ($1.75bn) in 2006. In 2008 HSBC bought it back at a lower price, after the Spanish firm found itself struggling financially and then it was finally sold to Korea’s NPS for £772.5mn, in 2009.
HSBC has a 13-year lease on the building, with a commitment to upward-only, inflation-linked rent reviews.