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Canary Wharf Group plc (“Canary Wharf”) announces that it has contracted to sell a 999 year leasehold property situated at 15 Westferry Circus (the “Property”) to private investors, Mr. Brian O’Donnell and Dr. Mary Patricia O’Donnell for consideration of £134.75 million to be paid in cash (the “Disposal”). Mr. O’Donnell is a well known Irish corporate lawyer and principal at Brian O’Donnell and Partners. The entire Property is let to Morgan Stanley UK Group, a wholly-owned subsidiary of Morgan Stanley. As at 30 June 2004, it was valued by CB Richard Ellis at £113 million. Current rent passing is £6.6 million per annum, which is contracted to rise to £8.2 million from 31 August 2006 (£48 per sq. ft.). Canary Wharf is providing rental support of £1.6 million per annum until 31 August 2006. The Property is a 171,330 sq. ft. 9-storey glass and steel building designed jointly by Terry Farrell & Partners and Skidmore Owings & Merrill. | |||||||||||||||||||||||
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Enquiries to: John Garwood Group Company Secretary +44 207 418 2312 |
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