Citigroup Tower offered at £1bn
the Citigroup Tower in London’s Canary Wharf business district has been put on the market for more than £1bn, as its owners try to recoup their investment made at the height of the property boom.
The buyer can expect the annual income return on the initial investment for the 1.22 million sq ft office tower to hit near £70m within 10 years and more than £100m within 20 years, said commercial property consultants Jones Lang LaSalle.
Property entrepreneurs Glenn Maud and Derek Quinlan bought the building through a joint venture in June 2007.