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LONDON-Canary Wharf has sold the leasehold interests in 30 South Colonnade to German fund KanAm Grund Kapitalanlagegessellschaft mbH (KanAm) for euro 271 million ($321.99 million).

The property was designed by John Pedersen Fox in 1991 and comprises 10 upper floors and a basement level. The principal tenant is information group Reuters, whose lease runs until 2020. The entire building comprises 291,379 sf of office and 13,684 sf of retail. The passing rent, after the expiry of all rent free periods, will be euro 15.40 million ($18.41 million) a year and the building has been valued in the accounts at euro 244 million ($290.93 million).

“The disposal is consistent with the objectives of Songbird and Canary Wharf, which include realizing value through sales and/or refinancings of certain buildings while continuing to maintain the integrity of the estate, to pursue future development, and to retain all or a material portion of the ownership of a core sub-group of buildings,” a company statement says.

Canary Wharf’s primary estate is 97 acres in London’s Docklands. Over the past 12 years it has constructed more office space in London than any other property group totaling more than 14 million sf of commercial space. The development now comprises 33 office buildings and over 200 shops, bars and restaurants within three retail malls. It also has two conference and banqueting centers, two Docklands Light Railway stations, a Jubilee Line station, car parks and approximately 20 acres of landscaped open spaces.

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