LONDON-The US institutional investor Teachers Insurance and Annuity Association and Pillar property have sold the 285,000-sf Cannon Bridge office building in the City to a private overseas investor for pounds 167 million ($260 million).

LONDON-In further evidence of the growing market for indirect property vehicles fund manager Hermes, on behalf of the British Telecom Pension Scheme, has become an investor in The Junction out-of-town retail fund managed by Capital & Regional and Morley Fund Management.

LONDON-Hermes Property Asset Management has bought out MEPC's 50% stake in six UK shopping malls for pounds 115 million ($180 million). The sale marks MEPC's final withdrawal from shopping centre investment.

LONDON-Royal London Asset Management has sold the former Littlewoods store on Broad Street and Friar Street in Reading, Berkshire to Legal & General for pounds 19.6 million ($31 million).

LONDON-The UK's number two food retailer J Sainsbury has been granted planning permission for a 666,534-sf distribution centre on the site of the former US Air Force base at Greenham Common near Newbury in Berkshire.

LONDON-Countryside Properties has signed a pounds 60 million development agreement for the regeneration of Gravesend Canal Basin in North Kent with a mix of new homes and commercial space.

LONDON-Great Portland Estates has started the process of restructuring its office portfolio with the sale of six non-core properties for pounds 37.3 million ($60 million).

LONDON-Department store operator Selfridges has paid Pounds 15.3 million for a development site on Glasgow's Trongate, where it plans to develop its fifth UK store.