RBS sells second Canary Wharf property for £452m

Following the £1bn sale of its larger Canary Wharf property last month, the Royal Bank of Scotland has sold its other office tower in the area to Evans Randall.

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.