October 1, 2014 / 8:29 AM / 3 years ago

Songbird Estates sells Canary Wharf tower for 153.5 mln stg

LONDON, Oct 1 (Reuters) - Songbird Estates, the majority owner of London’s Canary Wharf estate, has sold one of its properties in the east London financial district to Crosby Investment Holdings for 153.5 million pounds ($249 million).

The 11-storey building at 50 Bank Street, which is mostly let to asset management firm Northern Trust until 2022, generates annual rent of around 8.58 million pounds, the property company said.

Songbird Estates aims to use the proceeds from the sale to help fund the construction of a 58-floor residential tower to the east of Canary Wharf and the redevelopment of the Shell Centre next to the River Thames, it said.

1 U.S. dollar = 0.6174 British pound Reporting by Karolin Schaps; editing by Jason Neely

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