Canary Wharf Group plc announces that it has sold two central London office buildings to UBS Global Asset Management (UK) Limited for a consideration of £30 million.

The freeholds of 85 Fleet Street and St Brides House were acquired by the Group at an approximate price of £32.5 million as part of the transaction that involved the planned relocation by Reuters to Canary Wharf. Reuters will be moving their Headquarters from 85 Fleet Street to 30 The South Colonnade, Canary Wharf in May 2005. 85 Fleet Street was sold with a lease back to Reuters at a rent of approximately £1.64 million per annum which can be terminated when they move to Canary Wharf. St Bride’s House was sold with vacant possession.

The sale of these properties took place following an extensive marketing campaign and was envisaged as part of the overall inducement package agreed with Reuters. The price achieved was well within the level estimated at the time of the initial agreement with Reuters.

Canary Wharf Group plc was advised by CB Richard Ellis, UBS Global Asset Management (UK) was advised by King Sturge.