The Royal Bank of Scotland has sold its remaining office tower property in Canary Wharf, located at 5 Canada Square, for £452 million ($922 million;€674 million). The sale was made to UK private equity firm Evans Randall.
The sale follows RBS’s sale of its larger Canaray Wharf property at 25 Canada Square for £1 billion last month. The sale, which stands as the second-biggest property transaction ever seen in the UK, netted the Edinburgh bank an estimated profit of £310 million. The building, located at 25 Canada Square and currently the European headquarters of Citigroup, was sold to a joint venture group of PropInvest and Quinlan Private, the firm started by former Dublin tax inspector Derek Quinlan.
Completed in 2003, 5 Canada Square is a 16-floor office building currently occupied by Credit Suisse Group, which is renting the space to Bank of America. RBS paid £1.11 billion for 25 Canada Square and 5 Canada Square in December 2003.