Citigroup Centre to Go On Sale this Week

According to an article published on Sunday, April 10th by Financial Times, Citigroup Centre in London will go on sale this week.

The highest skyscraper located in London’s business district Canary Wharf and owned by 2 private investors, Glenn Maud and Derek Quinlan, will be marketed by Jones Lang LaSalle for £1 billion.

This building was purchased back in 2007, at the peak of property boom, by Maud and Quinlan from the Royal Bank of Scotland and seemed to be a perfect investment. The economic downturn, however, ruined the plans of investors who have been looking to sell Citigroup Centre since summer 2010.

The money, which the investors will receive upon the sale of the skyscraper, will be used to pay back the loan taken out to buy the property in 2007.

According to insiders, the sale of Citigroup Centre is a consensual decision of lenders and property owners, Mr. Maud and Mr. Quinlan.

It is expected that the building will be purchased by foreign investors or UK investment/insurance funds.