The principal tenant of Cannon Bridge is LIFFE, the London futures and derivatives exchange. The sale price represents an equivalent yield of 7.9%. Pillar held a 25% interest in Cannon Bridge and was the asset manager for the complex, with Teachers holding the remainder.
Pillar said the sale of Cannon Bridge is the final part of its strategy--announced lastYear--to pull out of direct investment in the City. From now on it will channel its City activities through the City of London Office Unit Trust where it holds a 36% stake and is property advisor.
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