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US Pension Fund Snaps Up Canary Wharf Assets for $359M

LONDON-Songbird continues its sale of assets in its Canary Wharf Estate. This time, US pension fund TIAA-CREF has picked up two office investments for in London's Canary Wharf financial district.

By Anita Howarth | Updated on November 16, 2005

LONDON- Canary Wharf, now owned by Songbird, has sold the long leasehold interests in two buildings in London’s Canary Wharf financial district to US pension fund TIAA-CREF for euro 305 million ($358.6 million).

Songbird says 1 and 7 Westferry Circus were valued at euro 267 million ($312 million) for accounting purposes on June 30, 2005. 1 Westferry is principally let to oil company Texaco (now part of Chevron) until 2018 and the building’s annual rent is around euro 5.6 million ($6.5 million). The other building, 7 Westferry Circus, is let mainly to the European Medicines Evaluation Agency until 2013 and its annual rent is around euro 9.7 million ($11.3 million).

There is also unconfirmed speculation that Song Bird is in talks to sell Little Britain, the former headquarters of Clifford Chance, the law firm, to a consortium that includes Jack Dellal, the private property investor, and a Deutsche Bank fund in a deal worth more than euro 147 million (172 million).

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