(Source: Wall Street Journal)

Canary Wharf Group, the main subsidiary of Songbird Estates PLC (SBD.LN), Wednesday became the latest landlord to reap the benefits of London’s hot property market, selling a landmark building at a substantial premium to a valuation only three months ago.

Canary Wharf, which owns the east London development that houses several banks and a burgeoning financial district, said it sold 5 Churchill Place to a private investor based in Bermuda for GBP208 million. The property in September was valued at GBP170 million when it still was under construction.

The price achieved on Churchill Place is an example of how assets are currently being bid up by the growing list of investors seeking exposure to prime U.K. real estate amid a shortage of properties for sale.

Read Anita Likus’ full article “Songbird’s Canary Wharf Reaps Benefit Of Hot Property Market” in the Wall Street Journal (December 9, 2009).

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