Canary Wharf skyscraper sold for £795m

[LONDON] Canary Wharf Group has sold a one million square foot building in London's financial district to a Chinese-Qatari consortium for £795 million (S$1.69 billion), the group's owner said on Friday.

Qatar has built a significant presence in London's real estate market in recent years.

Under the deal to buy the skyscraper which houses law firm Clifford Chance, China Life Insurance Company will own 70 per cent of the building and Qatar Holding a 20 per cent stake. Songbird Estates, Canary Wharf Group's owner, said that it would retain a 10 per cent interest in the property.