The private owners of the Citigroup Tower want to sell the London office block for more than £1 billion.
It has been revealed that Canary Wharf Group is currently in discussions with the Royal Bank of Scotland (RBS) to purchase more than £150 million of debt secured against the tower.
Located at 25 Canada Square in Canary Wharf, the skyscraper is home to the Europe, Middle East and Africa headquarters of Citigroup.
The entire 42 storeys of the building are let by the financial institution, delivering a current annual rental income of £57.6 million - or £47.50 per sq ft, Jones Lang LaSalle previously noted.
Glenn Maud and Derek Quinlan purchased the tower during the property boom in 2007 - a lot of which was backed by debt - and have since decided to offload their asset.
Reports have revealed that RBS provided a mezzanine facility to allow the Citigroup Tower to be purchased and Canary Wharf Group has asked to buy this.
Posted by Emma Davies
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