Derek Quinlan and Glen Maud’s Propinvest have completed the £1bn purchase of the 1.2m Citi headquarters in Canary Wharf.
As confirmed in Property Week (news, 23.11.07), the deal, which was agreed before the credit crunch hit, has now gone through after some delay on completion.
The terms of Citi’s lease at the 42-storey building have been renegotiated and rather than a 19-year lease with open market rent reviews, Citi now have a significantly longer lease with annual indexed rent reviews.
Quinlan has undertaken the transaction on his own, rather than on behalf of his private equity firm, Quinlan Private, in a 50/50 joint venture with Propinvest.
Royal Bank of Scotland was the vendor. Lazards advised RBS. CB Richard Ellis and BH2 advised Quinlan and Propinvest.