Jones Lang LaSalle has been instructed as the sole agent to sell the freehold interest of 25 Canada Square located in the heart of London's Canary Wharf. Offers in excess of £1 bn (EUR 1.1 bn) are being sought on the iconic, 1.2 million square feet (111,000-m2) building. The 42-storey office tower, at 200 metres, is the third tallest building in the UK and is visible across the London skyline.

Jones Lang LaSalle has been instructed as the sole agent to sell the freehold interest of 25 Canada Square located in the heart of London's Canary Wharf. Offers in excess of £1 bn (EUR 1.1 bn) are being sought on the iconic, 1.2 million square feet (111,000-m2) building. The 42-storey office tower, at 200 metres, is the third tallest building in the UK and is visible across the London skyline.

Irish investor Derek Quinlan and Propinvest, a London-based private investment company head by entrepreneur Glenn Maud, acquired the tower for about £1 bn, including significant leverage, at the height of the market in 2007. It is understood the have reached agreement with their banks to sell the property to repay the debt.

The property is let entirely to Citigroup, the American multi-national financial services company, and serves as its EMEA headquarters. Offering an exceptionally long income with a weighted unexpired term of 24 years the current rental income totals £57.6 mln per annum (£47.50 per sq ft), and is subject to an uplift in 2015 followed by annual increases, indexed at 3.2 percent.

JLL said that prospective purchasers could expect the annual income return on the initial investment to reach nearly £70 mln within ten years and over £100 mln within 20 years.

JLL's City Investment team, which is managing the sale of 25 Canada Square, expects investor interest in the sale of this landmark office building to come from all corners of the globe, as well as UK REIT's, Insurers and Annuity funds as non-domestic investment continues to target the London real estate market.